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GBP/USD Daily Forecast - 16 April

Monday, Apr 16 2018
GBP/USD Daily Forecast - 16 April

According to dailyfx.com, The pair has been in a bullish up-trend for over a year now, and prices moved up to a fresh post-Brexit high in January; eventually catching resistance around the 76.4 and 78.6% Fibonacci retracements of the ‘Brexit move’ in the pair. This led to a pullback that lasted for all of February, and prices set a low on the first day of March before a rally began to show.

That rally continued for most of March, and a pullback in the last week of the month opened the door for bullish continuation in the first week of April. Last week, we looked at another topside set in the pair, and this led into another bullish run. Prices are now back at that longer-term area of Fibonacci resistance, and this urges caution for bullish continuation at current levels.

There are three support levels of interest that could allow for bullish setups in the pair. Those levels are at 1.4200, 1.4145 and 1.4097. Support showing at any of those three supports opens the door for topside with stops below the deeper area of support, and targets directed towards 1.4285, and then 1.4352 (the 76.4 and 78.6% retracements).

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