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Daily analysis of GBP/USD for April 12, 2016

On the H1 chart, GBP/USD had a rally during yesterday's session above the 200 SMA and found strong resistance around the 1.4278 level, where a bearish trend line was placed from the March 30th session's highs. That's why we would like to see more declines in coming days, toward the support zone of 1.4163, in order to resume the downside bias.

GBPUSDH1.png

H1 chart's resistance levels: 1.4278 / 1.4315

H1 chart's support levels: 1.4225 / 1.4163

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 1.4225, take profit is at 1.4163 and stop loss is at 1.4288.

The material has been provided by InstaForex Company - www.instaforex.com