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    GBP/USD intraday technical levels and trading recommendations for April 21, 2015

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    Overview:

    On February 5, a transient bullish channel was established around the levels of 1.5170-1.5200.

    Estimated target for this bullish channel was reached at 1.5550 where the previous daily bottoms were located (solid resistance level).

    Then, a bearish breakdown of the lower limit of this channel occurred enhancing the bearish side of the market and confirming the Flag pattern as a bearish one.

    A significant bearish pressure was applied at the levels of 1.5170 (R2), and 1.4990 (R1 = broken weekly bottom) leading to a quick breakdown.

    Persistence below 1.4950 indicated a further bearish decline. Initial projection target for this bearish breakout was located at 1.4700.

    Moreover, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established (below 1.4700 which is the most recent bottom).

    Last week, evident bullish recovery originated at 1.4560 pushing the GBP/USD pair above the level of 1.4700 looking for better prices to sell.

    As anticipated, the bullish pullback towards 1.4950-1.5000 should be used to sell the pair off (significant resistance zone = R1).

    It is already running in profits with signs of bearish rejection depicted on the chart (bearish reversal daily candlesticks at retesting of R1, 1.4990).

    T/P levels remain projected at 1.4850, 1.4800, and 1.4720. S/L should be set as a daily closure above 1.5025.

    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
    InstaForex Group © 2007-2015

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