FX.co ★ GBP/USD analysis for April 06, 2018

Recently, the GBP/USD pair has been downwards. The price tested the level of 1.3965. According to the 15M time – frame, I found that price is trading inside of the downward channel, which is a sign that sellers are in control. I also marked waves inside of the channel and I expect fifth wave to develope. My advice is to watch for potential selling opportunities. The downward projection for the fifth wave is set at the price of 1.3890.

Resistance levels:

R1: 1.4080

R2: 1.4155

R3: 1.4210

Support levels:

S1: 1.3948

S2: 1.3890

S3: 1.3815

Trading recommendations for today: watch for potential selling opportunities.