FX.co ★ Daily analysis of GBP/USD for April 06, 2016

According to the H1 chart, GBP/USD is expected to correct the decline held from today's highs as the Cable has already rebounded above the support level of 1.4029. If the pair breaks through the resistance zone of 1.4118, then it could test the highs mentioned above. However, the overall scenario is still bearish as the 200 SMA is pointing to the downside.

H1 chart's resistance levels: 1.4118 / 1.4176

H1 chart's support levels: 1.4062 / 1.4026

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4062, take profit is at 1.4026 and stop loss is at 1.4097.