For Traders

Analytical Reviews

Technical analysis

03.05.201801:06 Forex Analysis & Reviews: Daily analysis of GBP/USD for May 03, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The pair is finding support around 1.3609, where the bulls are trying to push higher across the board, but it seems the current decline is being boosted by strong fractals formed during the road. The nearest target to the downside still lies at 1.3480, but a rebound at the current stage could take it to test the resistance zone of 1.3733.

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.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.