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Daily analysis of GBP/USD for April 18, 2017

The pair did a strong bullish move on Monday's Easter holiday, despite thin liquidity across FX markets. Currently, GBP/USD remains to trade to the upside, consolidating its gains above the 1.2550 zone. The pair should make a breakout of Monday's highs in order to reach the next key resistance located around 1.2658.

GBPUSDH1.png

H1 chart's resistance levels: 1.2551 / 1.2658

H1 chart's support levels: 1.2423 / 1.2333

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.2551, take profit is at 1.2658 and stop loss is at 1.2443.

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