GBP/USD analysis for April 18, 2018

analytics5ad7147e1c2a2.png

Recently, the GBP/USD pair has been trading downward. After downbeat CPI y/y, price dropped and tested the level of 1.4173. Anyway, according to the H4 time – frame, I found very strong support at the price of 1.4175. I found a Fibonacci retracement 50% and Fibonacci expansion 161.8% at the similar level, which is a sign that selling GBP/USD at this stage looks very risky. In my opinion, selling climax is present and my advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4312 and at the price of 1.4375.

Resistance levels:

R1: 1.4350

R2: 1.4410

R3: 1.4445

Support levels:

S1: 1.4255

S2: 1.4222

S3: 1.4165

Trading recommendations for today: watch for potential buying opportunities.

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