GBP/USD analysis for May 18, 2018


Recently, the GBP/USD pair has been trading sideways at the price of 1.3505. According to the H1 time – frame, I found that price is trading inside of the downward channel. My advice is to watch for a potential breakout of the intraday upward trendline to confirm a further downward movement. If you see a valid breakout of intraday trendline, watch for selling opportunities. The downward target is set at the price of 1.3450.

Resistance levels:

R1: 1.3562

R2: 1.3613

R3: 1.3657

Support levels:

S1: 1.3467

S2: 1.3432

S3: 1.3372

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company –

Source:: GBP/USD analysis for May 18, 2018

Won't your trader friends like this?
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply