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The GBPUSD showed good upside in the month of March, however April has once again shown signs of bearishness.
The 4H Chart below provides an outlook
On the chart we see a clear break of the up channel. We are now potentially forming a down channel with two failures at new highs which make for a succession of lower highs.
Support at 1.4050 continues to offer value buying to bulls as the pair is supported on the monthly charts, as well as a monthly bullish engulfing candle in the month of March.
The downtrend line can offer a decent short setup on a pull back. Resistance levels to watch are 1.4300/1.4320, 1.4350 & 1.4380
The 4H Chart below provides an outlook
On the chart we see a clear break of the up channel. We are now potentially forming a down channel with two failures at new highs which make for a succession of lower highs.
Support at 1.4050 continues to offer value buying to bulls as the pair is supported on the monthly charts, as well as a monthly bullish engulfing candle in the month of March.
The downtrend line can offer a decent short setup on a pull back. Resistance levels to watch are 1.4300/1.4320, 1.4350 & 1.4380
