Daily analysis of GBP/USD for April 24, 2018

GBP/USD remains under pressure below the 1.4000 handle and it seems the support zone of 1.4061 could act a strong barrier for sellers across the board. That’s why we would like to stress the idea of a possible bullish corrective move that could go towards the resistance zone of 1.4283, where it could coincide with the dynamic support offered by the 200 SMA at H1 chart and eventually we might expect a pullback to resume the bearish bias.

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, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4004, take profit is at 1.3945 and stop loss is at 1.4064.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of GBP/USD for April 24, 2018