empty
 
 
06.04.2015 03:28 AM
Daily analysis of GBP/USD for April 06, 2015

There is still a high risk of more bullish moves on the daily chart because the GBP/USD pair is trying to break the resistance zone around 1.4948 in order to reach the next target at 1.5086. Also, the GBP/USD pair is getting some bearish pressure from that resistance, so there is a possibility that the pair continue to move downwards on the par in the medium and long terms.

This image is no longer relevant


As we noted in our previous article about GBP/USD, this pair has already consolidated above the 200 SMA in the H1 chart forming a bullish pattern below the resistance level at 1.4921. A breakout of that level is going to lead to more bullish moves to the zone around 1.4968, because the GBP/USD is already forming a higher high pattern. Anyway, because of the overall bearish trend, we expect a pullback at the current levels.

This image is no longer relevant


Daily chart's resistance levels: 1.4948 / 1.5086

Dailychart's support levels: 1.4820 / 1.4649

H1 chart's resistance levels: 1.4921 / 1.4968

H1 chart's support levels: 1.4842 / 1.4774



Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4842, take profit is at 1.4774, and stop loss is at 1.4912.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback