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18.04.201918:48 Forex Analysis & Reviews: April 18, 2019 : GBP/USD Intraday technical analysis and trade recommendations.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 18.04.2019 analysis

On January 2nd, the market initiated the depicted uptrend line around 1.2380.

This uptrend managed to initiate two successive bullish waves towards 1.3200 (Jan. 25) then 1.3350 (Feb. 27) before the bearish pullback brought the GBPUSD pair towards the uptrend on March 8th.

A weekly bearish gap pushed the pair below the uptrend line (almost reaching 1.2960) before the bullish breakout above short-term bearish channel was achieved on March 11.

Shortly after, the GBPUSD pair demonstrated weak bullish momentum towards 1.3200 then 1.3360 where the GBPUSD failed to achieve a higher high above the previous top achieved on February 27.

Instead, the depicted recent bearish channel was established.

Significant bearish pressure was demonstrated towards 1.3150 - 1.3120 where the depicted uptrend line failed to provide any bullish support leading to obvious bearish breakdown.

On March 29, the price levels of 1.2980 (the lower limit of the depicted movement channel) demonstrated significant bullish rejection.

This brought the GBPUSD pair again towards the price zone of (1.3160-1.3180) where the upper limit of the depicted bearish channel as well as the backside of the depicted uptrend line came to meet the pair.

Bearish rejection was anticipated around the mentioned price levels (1.3140-1.3170). However, the GBPUSD bullish pullback failed to pursue towards the mentioned zone.

Instead, significant bearish rejection was demonstrated earlier around the price level of 1.3120.

Hence, Short-term outlook has turned into bearish towards 1.2920-1.2900 where the lower limit of the depicted channel is located.

Trade Recommendations:

Any bullish pullback towards 1.3120-1.3140 should be considered for another SELL entry. TP levels to be located around 1.3100, 1.3020 then 1.2950 - 1.2920.S/L to be located above 1.3170.

Mohamed Samy
Analytical expert of InstaForex
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