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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD analysis for May 31, 2018

analytics5b0fd20f19ea0.png

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.

The material has been provided by InstaForex Company - www.instaforex.com