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02.05.201800:16 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 02, 2018

Long-term review

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GBP/USD managed to post fresh lows on Tuesday as the broad-based GBP weakness remains alive in the short term. The pair is now testing the support level of 1.3609, where a breakout should open the doors to test the 1.3480 level. To the upside, the nearest resistances align at 1.3733 and 1.3838, which should help to cap further gains.

H1 chart's resistance levels: 1.3733 / 1.3838

H1 chart's support levels: 1.3609 / 1.3480

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3609, take profit is at 1.3480 and stop loss is at 1.3743.

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