FX.co ★ Technical analysis of GBP/USD for April 30, 2015

Overview:

• The resistance was set at the level of 1.5051 and the support was found at 1.5340 on April 30, 2015. So, according to the previous events, the price is moving between 1.5340 and 1.5051. It should be noted that the range will be around 289 pips this week. Consequently, the trend in the H4 chart is calling for a bullish market at the levels of 1.5051 and 1.5401. For this reason, look for further upside move with targets at 1.5490 above the levels of 1.5051 and 1.5401 if it can break a minor resistance at 1.9490. The price will continue towards 1.5551 in order to test the double top. On the other hand, if the the pair will be not able to break the strong resistance at 1.5551, the market will indicate a bearish opportunity below 1.5551; for that it will be a good sign to sell below 1.5551 with the first target at 1.5435 and it will call for downtrend to continue bearish towards 1.5360.

Notes:

• Resistance is seen at 1.5551 and the support placed at 1.5360.
• We expect a range of 80 pips today, and up to 300 pips this week.
• Please consider the market volatility before investing, as the sight price is likely to be already reached.