FX.co ★ Daily analysis of GBP/USD for April 12, 2018

GBP/USD has been trading in a strong bullish tone and it managed to break above the 1.4166 level. Such move opened the doors for a testing of the 1.4250 level, where a breakout should expose the psychological zone of 1.4300. To the downside, if the 1.4166 level gives up, the bears could take the pair to test the 200 SMA on the H1 chart.

H1 chart's resistance levels: 1.4166 / 1.4225

H1 chart's support levels: 1.4061 / 1.3985

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4166, take profit is at 1.4225 and stop loss is at 1.4108.