Daily analysis of GBP/USD for April 07, 2017

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GBP/USD is still looking for a strong catalyst that helps to ride the Cable in the bullish bias, and it continues to struggling with the resistance zone of 1.2522. If a breakout happens over there, a rally towards 1.2600 is likely to happen in the short term. If US NFP data comes below the expectations, such scenario could be possible.

H1 chart’s resistance
levels: 1.2522 / 1.2598

H1 chart’s support levels:
1.2420 / 1.2333

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 1.2522, take profit is at
1.2598, and stop loss is at 1.2447.

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

Source:: Daily analysis of GBP/USD for April 07, 2017

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