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24.04.201714:01 Forex Analysis & Reviews: GBP/USD analysis for April 24, 2017

Long-term review

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Recently, the GBP/USD pair has been trading sideways at the price of 1.2815. According to the 30M time frame, I found a strong sign of weakness in the background and a trading range between the price of 1.2755 (support) and 1.2860 (resistance). Since there is weakness in the background and hidden bearish divergence on the oscilator, my advice is to watch for potential breakout of support to confirm a downward movement. If the price breaks the level of 1.2755, watch for selling opportunities. The downward targets are set at the price of 1.2665 and 1.2520.

Resistance levels:

R1: 1.2845

R2: 1.2870

R3: 1.2885

Support levels:

S1: 1.2805

S2: 1.2785

S3: 1.2750

Trading recommendations for today: watch for potential selling opportunities.

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