GBP/USD analysis for April 16, 2018

Source: Forex Analysis

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Recently, the GBP/USD has been trading upwards. As I expected, the price tested the level of 1.4279. According to the M30 time – frame, I found a rising bottom and hidden bullish divergence on the moving average oscillator in the background, which is a sign that buyers are in control. My advice is to watch for potential buying opportunities. I placed Fibonacci expansion to find potential upward targets. The upward targets are set at the price of 1.4310 and at the price of 1.4340.

Resistance levels:

R1: 1.4283

R2: 1.4327

R3: 1.4360

Support levels:

S1: 1.4207

S2: 1.4176

S3: 1.4130

Trading recommendations for today: watch for potential buying opportunities.

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