FX.co ★ Daily analysis of GBP/USD for April 29, 2015

In the daily chart, GBP/USD continues to trade higher performing its rallies. Now, it's testing the resistance level at 1.5371. Currently, we could expect a bullish consolidation below that zone with a higher high pattern formation. Anyway, if the pair breaks that territory, it would be expected to rise up to the level of 1.5538. The MACD is at a positive territory.

The intraday bullish structure is calling for more upside, but GBP/USD could start making pullbacks as the bullish bias could get weaker in the coming hours. Anyway, the pair has found resistance at 1.5396, an ideal zone to take profits for intraday traders. However, it could be tested during today again.

Daily chart's resistance levels: 1.5371 / 1.5538

Dailychart's support levels: 1.5238 / 1.5125

H1 chart's resistance levels: 1.5346 / 1.5396

H1 chart's support levels: 1.5298 / 1.5245

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5346, take profit is at 1.5396, and stop loss is at 1.5298.