Recently, the GBP/USD pair has been trading sideways at the price of 1.2940. According to the 4H time frame, I found a broken bullish flag in the background and successful re-test after the breakout, which is a sign that selling looks risky. Price also respects 50-simple moving average, which is another sign of strength. My advice is to watch for potential buying opportunities. The first upward target is set at the price of 1.3025.
Resistance levels:
R1: 1.2945
R2: 1.2965
R3: 1.2995
Support levels:
S1: 1.2885
S2: 1.2865
S3: 1.2830
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com