Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.3239. Anyway, according to the 15M time frame, I found a fake breakout of yesterday's high at the price of 1.3225, which is a sign that buying looks risky today. There is also a hidden bearish divergence on the moving average oscillator and a broken upward trend line, which is another sign of potential weakness. The downward targets are set at the prices of 1.3170,1.3150 and 1.3100.
Resistance levels:
R1: 1.3260
R2: 1.3310
R3: 1.3390
Support levels:
S1: 1.3130
S2: 1.3050
S3: 1.3000
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com