GBP/USD analysis for April 05, 2019

GBP/USD has been trading downwards as we expected. The price tested the level of 1.3030. We are still expecting lower


According to the H1 time-frame, we found the breakout of the upward trendline, which is good confirmation of the selling pressure. ADX reading is above 30 level, which is another indication that downward trend and momentum are strong. Support levels are seen at the price of 1.3016 and 1.2980. Short-term resistance is seen at the price of 1.3120.

Trading recommendation: We are still holding our sell position from 1.3138 and we placed the stop lose on the breakeven. Now, we got risk free position. The downward targets are set at the price of 1.3015 and 1.2980.

The material has been provided by InstaForex Company -