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
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
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