GBP USD Technical Analysis 16 April 2020

GBP USD Technical Analysis: The GBP declined 0.85% against the USD on Wednesday and closed at 1.2514. Today in the Europen session while preparing GBP USD technical Analysis 16 April 2020 at 6:45 GMT, the GBP/USD is trading at 1.2600, which is 0.18% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2424 and a fall through could take it to the next support level of 1.2333. The pair is expected to find its first resistance at 1.2618, and a rise through could take it to the next resistance level of 1.2721. For today the expected trading range is between 1.2330, Support and 1.2618 Resistance.

The expected trend for today is Bearish

Supports Levels: Support 1: 1.2424, Support 2: 1.2333, Support 3: 1.2230
Resistance Levels: Resistance 1: 1.2618, Resistance 2: 1.2721, Resistance 3: 1.2812

GBP/USD Buying Opportunity for Intraday Trading 16 April 2020

Buy near the support area 1.2424 and 1.2333 as soon as you get reversal candlesticks using stop loss 2 pips below the low of reversal candlestick & keep target equal to stop loss.

GBP/USD Selling Opportunity for Intraday Trading 16 April 2020

Sell near the resistance area 1.2618 and 1.2721 as soon as you get reversal candlesticks patterns using stop loss 2 pips above the high of reversal candlestick & keep target equal to stop loss.

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