GBP/USD analysis for April 20, 2018


Recently, the GBP/USD has been trading downwards. The price tested the level of 1.4035. According to the M30 time frame, I found strong supply on the market, which is a sign that buying looks risky. I also found today a successful rejection of the resistance at the price of 1.4068, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.3980.

Resistance levels:

R1: 1.4195

R2: 1.4310

R3: 1.4373

Support levels:

S1: 1.4018

S2: 1.3955

S3: 1.3840

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -