GBP/USD analysis for April 26, 2018


Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3894. Anyway, according to the M30 time-frame, I found a potential selling climax in the background, which is a sign that selling looks risky. I also found ADX readings below the 30 level, which is another sign that supply is weak. My advice is to watch potential breakout of 1.3925 (rally high) to confirm further upward direction. The upward targets are set at the price of 1.3949, 1.3965, and 1.3995.

Resistance levels:

R1: 1.3977

R2: 1.4025

R3: 1.4050

Support levels:

S1: 1.3905

S2: 1.3877

S3: 1.3830

Trading recommendations for today: watch for potential buying opportunities.

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