FX.co ★ GBP/USD analysis for April 27, 2018

Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3809. According to the H4 time frame, I found strong selling pressure on the market, which is a sign that buying looks risky. I also found a broken consolidation pattern, which is another sign of weakness. My advice is to watch for potential selling opportunities on the rallies. The downward target is set at the price of 1.3720.

Resistance levels:

R1: 1.3976

R2: 1.4040

R3: 1.4080

Support levels:

S1: 1.3873

S2: 1.3832

S3: 1.3770

Trading recommendations for today: watch for potential selling opportunities.