GBP/USD analysis for May 23, 2018


Recently, the GBP/USD has been trading downwards. As I expected, the price tested the level of 1.3346. According to the H1 time – frame, I found a breakout of support trendline in the background, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities on the rallies. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of 1.3315 and Fibonacci expansion 161.8% at the price of 1.3210.

Resistance levels: R1: 1.3483R2: 1.3526R3: 1.3560 Support levels: S1: 1.3405S2: 1.3370S3: 1.3327

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -