GBP/USD remains stable with bullish bias because the pair has already reached the resistance level of 1.5238 on the daily chart. We could expect pullbacks around that zone until the support level at 1.5125 at least. Now, GBP/USD could start to form a higher high pattern, but remember that we are still favoring the overall bearish trend.
During the monday session, GBP/USD has already found strong resistance at 1.5245, finally doing a bullish consolidation above the support level of 1.5161. Anyway, we can see strong resistance in the zone mentioned above. That's why we don't like the idea of continued riding the intraday bullish bias, as GBP/USD could perform deep pullbacks.
Daily chart's resistance levels: 1.5125 / 1.5238
Dailychart's support levels: 1.4976 / 1.4820
H1 chart's resistance levels: 1.5245 / 1.5298
H1 chart's support levels: 1.5161 / 1.5096
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 1.5245, take profit is at 1.5298, and stop loss is at 1.5190.
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 28, 2015 . Thanks for your support.
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