GBP/USD analysis for May 17, 2018

analytics5afd507fbd18f.png

Recently, the GBP/USD pair has been trading sideways at the price of 1.3511. According to the H1 time – frame, I found rejection of the supply trendline in the background, which is a sign that buying looks risky. I also expect the end of a bullish corrective phase (abc), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3460 and at the price of 1.3420.

Resistance levels:

R1: 1.3580

R2: 1.3613

R3: 1.3675

Support levels:

S1: 1.3485

S2: 1.3423

S3: 1.3390

Trading recommendations for today: watch for potential selling opportunities.

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