23.04.201515:09 Forex Analysis & Reviews: Intraday technical levels and trading recommendations for GBP/USD for April 23, 2015

Long-term review

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Strong bullish rejection was expressed around 1.4700 (previous weekly low). A significant bullish weekly candlestick was expressed by the end of the week.

Shortly after, transient bearish pressure was applied around 1.4960-1.5000 (38.2% Fibonacci level as well as previous weekly demand level).

A sideways movement with slight bearish tendency had been expressed on the daily chart until yesterday when bullish breakout took place above 1.4970-1.5000 (via a Full-body bullish daily candlestick)took place.

GBP/USD bulls should keep trading above their recently-established denabd level at 1.4970-1.5000 in order to achieve the targets of the previous bullish breakout scenario.

The GBP/USD pair has been trapped between the levels of 1.4700 and 1.4970. A false bearish breakout took place below 1.4700, then GBP/USD bulls came back to trade above 1.4700.

As anticipated, H4 fixation above the level of 1.4800 invalidated the bearish pressure attempting to rally towards the zone around 1.4970-1.5000 (Wedge-pattern's upper limit), which was breached as well.

Projection target for this Wedge-pattern should be located at 1.5100, 1.5190, and 1.5270, proving that bulls keep trading above their recently-established demand level at 1.4970-1.5000.

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