GBPUSD Technical Analysis 01 April 2020

gbpusd-daily-technical-analysis-1-april-2020

GBPUSD has found resistance at 1.2480 level after bullish rally. In this resistance level, this pair has formed double top pattern as we can see on the chart.

On H4 chart, we can see a pin bar on the resistance level which indicates sellers are active on this level.

Our recommendation is that we should stay on sell mode below this resistance.

Currency PairGBPUSD H4
Entry Point1.2390-1.2420
Take Profit1.2350, 1.2300
Stop Loss1.2480
GBPUSD Trade setup

On the other hand, If the price break 1.2480, we can expect bullish continuation on this pair. So take buy entry after the breakout of the resistance level.

Key Levels in GBPUSD Technical Analysis:

Support Level: 1.2280, 1.2150

Resistance Level: 1.2480, 1.2620

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