FX.co ★ GBP/USD analysis for April 06, 2017

Recently, the GBP/USD pair has been trading sideways at the price of 1.2475. According to the 1H time frame, I found broken bearish flag (potential distribution) in the background. I found successful re-test of the upward channel, which is a sign that buyers do not have power for higher price. My advice is to watch for selling opportunities. The first downward target is set at the price of 1.2380.

Resistance levels:

R1: 1.2515

R2: 1.2550

R3: 1.2600

Support levels:

S1: 1.2435

S2: 1.2390

S3: 1.2355

Trading recommendations for today: watch for potential selling opportunities.