GBP/USD analysis for February 02, 2018


Recently, the GBP/USD has been trading sideways at the price of 1.4205. Anyway, according to the 30M time – frame, I found a broken bullish channel in the background, which is a sign that sellers are in control. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.4188 and at the price of 1.4115.

Resistance levels:

R1: 1.4308

R2: 1.4355

R3: 1.4427

Support levels:

S1: 1.4188

S2: 1.4115

S3: 1.4070

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -