GBP/USD analysis for January 23, 2018 23.01.2018

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Exchange Rates 23.01.2018 analysis

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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2018

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