GBP/USD analysis for May 10, 2018


Recently, GBP/USD has been trading upwards. The price tested the level of 1.3560. According to the H4 time - frame, I found a downward channel in the background, which is a sign that selling looks risky. I also found a hidden bullish divergence on the RSI oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.3670 and at the price of 1.3770.

Resistance levels: R1: 1.3603R2: 1.3660R3: 1.3710

Support levels: S1: 1.3495S2: 1.3443 S3: 1.3387

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -