GBP/USD analysis for February 27, 2018

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Recently, the GBP/USD pair has been trading sideways at the price of 1.3958. Anyway, according to the 30M time – frame, I found a broken intraday bearish flag pattern, which is a sign that sellers are in control. I also found an overbought condition on the stochastic oscillator, which is another sign of weakness. My avice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3928, 1.3905 and at the price of 1.3848.

Resistance levels:

R1: 1.4048

R2: 1.4130

R3: 1.4190

Support levels:

S1: 1.3905

S2: 1.3847

S3: 1.3765

Trading recommendations for today: watch for potential selling opportunities.

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