GBP/USD analysis for May 18, 2018

Source: Forex Analysis

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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.

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