Daily Analysis of GBP/USD for April 29, 2016

Daily Analysis of GBP/USD for April 29, 2016

29 April 2016, 09:01
Roberto Jacobs
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Daily Analysis of GBP/USD for April 29, 2016

The pair is still trapped in a bullish consolidation phase above the support zone of 1.4539, where the Cable did a rebound during yesterday's session. Currently, a breakout is expected to be held above the 1.4633 level, which should push the GBP/USD higher in order to test the resistance level of 1.4722 on a short-term basis.

GBPUSDH1.png

H1 chart's resistance levels: 1.4633 / 1.4722

H1 chart's support levels: 1.4549 / 1.4495

Trading recommendations for today:

Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4633, take profit is at 1.4722 and stop loss is at 1.4546.


The material has been provided by InstaForex Company - www.instaforex.com


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