GBP/USD: technical analysis 11.04.2018

GBPUSDH411042018

Current trend

On the 4-hour chart, GBP/USD t is growing along the upper line of the Bollinger Bands and approaching a strong resistance in the region of 1.4221, where is a high chance of downward rebound.

If GBP/USD cannot consolidate above the level of 1.4221, the downward trend restoration and retest of the levels 1.4160 (Murray [8/8]), 1.4129 (Murray [7/8]) are possible.

Breakout and consolidation of the price above the level of 1.4221 (Murray [2/8]) will let GBP/USD reach the area of 1.4245-1.4277.

Technical indicators reflect the maintenance of the current upward dynamics.

Bollinger Bands are directed up.

MACD is growing in the positive zone.

Stochastic’s lines are pointed upwards.

Support and resistance

Support levels: 1.4190, 1.4160, 1.4129.

Resistance levels: 1.4221, 1.4245, 1.4277.

Trading recommendations

Long positions can be opened above the level of 1.4221 with the target at around 1.4245-1.4277 and stop-loss 1.4200.

Short positions can be opened below the level of 1.4190 with the target at around 1.4160-1.4129 and stop-loss 1.4210.