GBP/USD analysis for February 23, 2018

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Recently, the GBP/USD has been trading upwards. The price tested the level of 1.3994. Anyway, according to the 30M time frame, I found a fake breakout of yesterday’s high at the price of 1.3989, which is a sign that buying looks risky. I also found a overbought condition on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the prices of 1.3933 and 1.3878.

Resistance levels:

R1: 1.4010

R2: 1.4065

R3: 1.4140

Support levels:

S1: 1.3878

S2: 1.3800

S3: 1.3745

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company – www.instaforex.com