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.
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