The bulls are now leading the current bias of GBP/USD, as it is trying to reach the resistance zone of 1.5125, after a breakout at the level of 1.4976. All these moves are part of the corrective structure developing in favor of the overall trend, which is bearish. Still, the 200 SMA is pointing to the downside, but the MACD indicator is at the positive territory.
On the H1 chart, GBP/USD did a successful rebound at the 200 SMA and now it is heading towards the resistance level of 1.5096. If the pair does a breakout at that zone, it will be expected to reach the resistance level at 1.5161, which could extend the bullish momentum of this pair for several days.
Daily chart's resistance levels: 1.5125 / 1.5238
Dailychart's support levels: 1.4976 / 1.4820
H1 chart's resistance levels: 1.5096 / 1.5161
H1 chart's support levels: 1.5047 / 1.4979
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5096, take profit is at 1.5161, and stop loss is at 1.5035.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of GBP/USD for April 22, 2015 . Thanks for your support.
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