GBP/USD analysis for April 04, 2017


Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level 1.2420. According to the 15M time frame, I found that sellers are in control and I expect further downward movement. Strong intraday resistance is seen at the price of 1.2465. The supply trendline is still in place. Watch for selling opportunities. Downward target is set at the price of 1.2375.

Resistance levels:

R1: 1.2540

R2: 1.2595

R3: 1.2635

Support levels:

S1: 1.2450

S2: 1.2410

S3: 1.2355

Trading recommendations for today: watch for potential selling opportunities.

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