GBP/USD analysis for May 31, 2018

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3346. Anyway, according to the H1 time – frame, I still expect downward continuation. I have found a potential bearish flag in creation, which is a sign that buying looks risky. My advice is to watch for a potential breakout of the support trendline to confirm further downward continuation. The downward target is set at the price of 1.3200.

Resistance levels:

R1: 1.3320

R2: 1.3350

R3: 1.3390

Support levels:

S1: 1.3250

S2: 1.3215

S3: 1.3185

Trading recommendations for today: watch for potential selling opportunities.

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