GBP/USD analysis for January 23, 2018

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Recently, the GBP/USD pair has been trading sideways at the price of 1.3948. According to the 15M time – frame, I found that price has broken the upward trendline in the background, which is a sign that buying looks risky. The pivot point at the price of 1.3945 got broken, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward tagets are set at the price of 1.3900 and at the price of 1.3816.

Resistance levels:

R1: 1.4033

R2: 1.4075

R3: 1.4167

Support levels:

S1: 1.3900

S2: 1.3815

S3: 1.3766

Trading recommendations for today: watch for potential selling opportunities.

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

Source:: GBP/USD analysis for January 23, 2018

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