GBP/USD analysis for February 01, 2018

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Recently, the GBP/USD has been trading upwards. The price tested the level of 1.4274. Anyway, according to the 30M time – frame, I found a successful rejection of upper diagonal (resistance), which is a sign that buying looks risky. I also found a hidden bearrish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunties. The downward targets arre set at the prices of 1.4175 and 1.4125.

Resistance levels:

R1: 1.4243

R2: 1.4295

R3: 1.4355

Support levels:

S1: 1.4132

S2: 1.4070

S3: 1.4020

Trading recommendations for today: watch for potential selling opportunities.

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