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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD analysis for April 07, 2017

analytics58e76a7906296.png

Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level 1.2415. According to the 4H time frame, I found successful re-test of the upward channel (distribution), which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.2380. If the price breaks the level of 1.2380, GBP/USD may test the level of 1.2110.

Resistance levels:

R1: 1.2500

R2: 1.2520

R3: 1.2535

Support levels:

S1: 1.2450

S2: 1.2440

S3: 1.2415

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com