FX.co ★ Daily analysis of GBP/USD for April 16, 2015

The bullish momentum is taking place again within GBP/USD, as the pair is trying to reach the resistance level of 1.4976. Now, we are waiting for testing of that level in the coming hours. Anyway, GBP/USD is still alive in the overall bearish trend, but the corrective moves could go to the resistance zone of 1.5125 in the medium term.

The pair seems to be very strong in the bullish structure formed on the April 13 lows, as GBP/USD is now consolidating above the 200 SMA on the H1 chart and now it is heading towards the resistance level of 1.4954. By the way, we should wait for bullish patterns formation in order to continue following the current bias.

Daily chart's resistance levels: 1.4976 / 1.5125

Dailychart's support levels: 1.4820 / 1.4649

H1 chart's resistance levels: 1.4954 / 1.4979

H1 chart's support levels: 1.4911 / 1.4872

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 1.4954, take profit is at 1.4979, and stop loss is at 1.4930.