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    GBP/USD Intraday Technical Analysis and Trading Recommendations for April 20, 2012

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    Overview

    Proceeding from the today's H4 chart, the pair is still trading between the support level of 182.50 and the resistance level of 183.50 and currently the pair fails again to break the resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the resistance level of 183.500 untill the 4H closing above the resistance level of 184.00 as a level target. Then we should wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 184.40. On the other hand, if the pair fails to break the resistance level of 183.50 and bounces from it, it might take a downward trend, which will enable the support level of 182.50 again. Therefore, we suggest waiting for the next closing before making the decision.


    Resistance and support levels: R3 (184.40), R2 (184.00), R1 (183.50), S1 (182.50), S2 (182.00), S3 (181.00).

    Mohamed Samy neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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