FX.co ★ Daily analysis of GBP/USD for April 21, 2015

At the daily chart, GBP/USD continues to stay alive after a pullback from the resistance level of 1.4976. Remember that it could find support at 1.4820 because of the current strength that the level is currently showing. But the overall trend, which is bearish, could start to dominate the current bias at GBP/USD again.

The pair has found dynamic support at the 200 SMA. We could expect a rebound at that level because of the current strength of bullish bias in the very short term. Anyway, our short-term outlook could get invalidated if GBP/USD breaks the support zone at 1.4814, because the pair could start consolidating below that moving average mentioned above.

Daily chart's resistance levels: 1.4976 / 1.5125

Dailychart's support levels: 1.4820 / 1.4678

H1 chart's resistance levels: 1.4892 / 1.4979

H1 chart's support levels: 1.4853 / 1.4814

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 1.4892, take profit is at 1.4979, and stop loss is at 1.4804.