Recently, the GBP/USD pair has been trading sideways at the price of 1.3511. According to the H1 time – frame, I found rejection of the supply trendline in the background, which is a sign that buying looks risky. I also expect the end of a bullish corrective phase (abc), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3460 and at the price of 1.3420.
Resistance levels:
R1: 1.3580
R2: 1.3613
R3: 1.3675
Support levels:
S1: 1.3485
S2: 1.3423
S3: 1.3390
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, the GBP/USD pair has been trading sideways at the price of 1.3511. According to the H1 time – frame, I found rejection of the supply trendline in the background, which is a sign that buying looks risky. I also expect the end of a bullish corrective phase (abc), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3460 and at the price of 1.3420.
Resistance levels:
R1: 1.3580
R2: 1.3613
R3: 1.3675
Support levels:
S1: 1.3485
S2: 1.3423
S3: 1.3390
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
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