FX.co ★ Daily analysis of GBP/USD for April 20, 2015

GBP/USD is already doing a pullback at the resistance level of 1.4976 and it's expected to starts forming a bullish pattern. We shouldn't forget the fact about the current overall trend, which is bearish. Now, the pair could fall until the support zone around 1.4820 and look for a testing of 1.4678 in the medium term. The MACD indicator is in positive territory.

On the H1 chart, GBP/USD is looking falling to the support level of 1.4892 where it should find a strong floor in the short term. Anyway, we could expect more strength at 1.4853, because there is the 200 SMA in this time frame. A breakout of that level is likely to invalidate our short-term bullish outlook and GBP/USD could start to ride a strong bearish trend in the medium and long terms.

Daily chart's resistance levels: 1.4976 / 1.5125

Dailychart's support levels: 1.4820 / 1.4678

H1 chart's resistance levels: 1.4979 / 1.5047

H1 chart's support levels: 1.4892 / 1.4853

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 1.4979, take profit is at 1.5047, and stop loss is at 1.4916.