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04.04.201821:42 Forex Analysis & Reviews: Daily analysis of GBP/USD for April 05, 2018

Long-term review

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GBP/USD had a volatile session during Wednesday as it continues to trade within the 200 SMA range at the H1 chart. The next target to the upside lies at 1.4166, where the sellers are waiting for a short-term pullback. If the pair does a break above such area, the buyers could gain momentum towards the 1.4225 level. MACD indicator stays in the negative territory, favoring to the bears.

H1 chart's resistance levels: 1.4166 / 1.4225

H1 chart's support levels: 1.4061 / 1.3985

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 1.4166, take profit is at 1.4225 and stop loss is at 1.4108.

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