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07.04.202018:27 Forex Analysis & Reviews: April 7, 2020 : 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 07.04.2020 analysis

Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016.

That's when the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.

Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.

Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.

Next bullish targets around 1.2520 and 1.2680 were expected to be addressed if sufficient bullish momentum was maintained.

However, early bearish pressure signs have originated around 1.2470 leading to another bearish decline towards 1.2265.

That's why, H4 Candlestick re-closure below 1.2265 is needed to hinder further bullish advancement and enhance the bearish momentum on the short term.

If so, Initial Bearish target would be located around 1.1900 provided that quick H4 bearish closure below 1.2265 is achieved.

On the other hand, bullish persistence above 1.2265 would probably enhance another bullish pullback movement up to the price level of 1.2470.

Trade recommendations :

Conservative traders should be waiting either for another bullish pullback towards 1.2350 or another H4 bearish closure below 1.2265 as a valid SELL signal.

T/P level to be located around 1.2100 and 1.2000 while S/L should remain above 1.2450.

Mohamed Samy
Analytical expert of InstaForex
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