FX.co ★ Daily analysis of GBP/USD for April 05, 2016

The GBP/USD pair remains very weak against the overall structure, which is still favoring the downside as the pair is consolidating once again below the 200 SMA on the H1 chart. Currently, if the pair does a breakout below the 1.4118 level, then we can expect another decline towards the 1.4062 level. The MACD indicator is in negative territory.

H1 chart's resistance levels: 1.4176 / 1.4267

H1 chart's support levels: 1.4118 / 1.4062

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 1.4176; take profit is at 1.4267; and stop loss is at 1.4086.