Analysis of GBP/USD for April 03, 2017

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Recently, the GBP/USD pair has been trading sideways at the price of 1.2515. On the 5M time frame, I found the broken horizontal base (potential 1 day distribution) which is sign that buying looks risky. I calculated potential projection according to the current base and I got potential downward target at the price of 1.2375. I also found a broken upward trendline in the background which is another sign of weakness. My advice is to watch for potential selling opportunities.

Resistance levels:

R1: 1.2550

R2: 1.2560

R3: 1.2570

Support levels:

S1: 1.2530

S2: 1.2525

S3: 1.2517

Trading recommendations for today: watch for potential selling opportunities.

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