Daily analysis of GBP/USD for April 16, 2018


GBP/USD continues with the bullish bias across the board, as it managed to break above 1.4205, which was a key level for the bulls. The nearest resistance lies at 1.4283, where the pair should work with a breakout in order to allow additional gains toward the next key barrier at 1.4386. The 200 SMA at H1 chart remains to guide the path for the short-term.

H1 chart’s resistance levels: 1.4283 / 1.4386

H1 chart’s support levels: 1.4205 / 1.4061

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4283, take profit is at 1.4386 and stop loss is at 1.4183.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of GBP/USD for April 16, 2018

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply