GBP/USD analysis for April 23, 2018

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3984. According to the M15 time – frame, I found a successful breakout of the upward trendline in the background, which is a sign that buying looks risky. I also found a strong downward pressure in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3967 and at the price of 1.3865.

Resistance levels:

R1: 1.4064

R2: 1.4120

R3: 1.4150

Support levels:

S1: 1.3978

S2: 1.3950

S3: 1.3890

Trading recommendations for today: watch for potential selling opportunities.

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