GBP/USD ,Forex Daily Analysis – April 16

Taking a gander at the specialized picture, the pair has been extending inside a familiar exchanging range in the course of the last multi week or somewhere in the vicinity and consequently, traders are probably going to sit tight for a persuading break in either bearing before situating for the near term direction. A persuading break through the referenced trend line resistance, right now close to the 1.3125-20 region, may incite some forceful short-covering move and help the pair to point towards recovering the 1.3200 round figure mark. A finish buying can possibly lift the pair further towards the 1.3265 supply zone before bulls in the long run expect to outperform the 1.3300 round figure mark.

On the other side, the 1.3040-30 district, denoting the lower end of more than four-month-old climbing pattern channel may keep on securing the prompt drawback, which whenever cushioned may quicken the fall further towards the key 1.30 mental imprint on the way the vital 200-day SMA support close to the 1.2970-75 region. Inability to safeguard the referenced backings would check a close term bearish breakdown and turn the pair powerless against keep floating lower towards testing sub-1.2910 level.

GBP/USD ,Forex Daily Analysis – April 16

PENDING ORDER BUY  GBP/USD @ 1.3103     SL:  1.3086              TP1: 1.3118     TP2: 1.3133     TP3: 1.3148

PENDING ORDER SELL  GBP/USD @ 1.3082   SL:  1.3098              TP1: 1.3067     TP2: 1.3052     TP3: 1.3037

gbpusd-forex analysis

 

John Wat

About: John Wat

Forex analyst with 10 years experience in Forex market.Trading Expert ABC Breakouts, Trendlines breakouts, Supply & Demand, Customized Elliot Wave.