Daily analysis of GBP/USD for April 17, 2018

The pair is following a bullish structure above the 200 SMA at H1 chart and it managed to break the resistance level of 1.4283, now turned as a support. Eventually, we can expect a continuation of the rally towards 1.4386, where take profit orders could activate in order to produce pullbacks. If that happens, then a leg lower to test the 200 SMA is likely to happen.

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. Article Source

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