GBPUSD Daily Forex forecast – April 16, 2020

If you are trading the GBPUSD today April 16. 2020, here are the price action levels you should pay attention to.

GBPUSD forecast for today

gbpusd dailyforecast-16-April -2020

Price yesterday broke the 4-hour bullish trend, it fell then rose back to test the 1.2568 resistance level from which it fell again.

The chart shows price may continue to fall to the 1.2369 pivot level before it bounces back up or continues to new support levels.

Bears should wait for clear entry signals before jumping in. We should see price bounce along the sloping trendline.

Alternative scenario

We could be in a scenario where price only fell to gather momentum for a continued upward move.

If that is the case, we should see the GBPUSD back at the 1.2622 level and probably test 1.2691 resistance level.

Final remarks.

Here are the price levels you should pay attention to especially if you are trading off the lower time-frames.

Daily pivot, 1.2526, Support levels: 1.2455, 1.2410, 1.2379, 1.2338, 1.2267, 1.2222, 1.2150. Resistance levels: 1.2598, 1.2643, 1.2674, 1.2714, 1.2786 1.2831, 1.2902

That’s it for the daily GBPUSD forecast for today April 16, 2020.

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