Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3339. According to the 4H time – frame, I found a broken upward trendline and descending triangle in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.1305. Anyway, if the price breaks the level of 1.1300, it will confirm a potential larger downward movement (descending triangle confirrmation). In that case the downward target will be set at the price of 1.3070.
Resistance levels:
R1: 1.3405
R2: 1.3440
R3: 1.3455
Support levels:
S1: 1.3358
S2: 1.3340
S3: 1.3310
Trading recommendations for today: watch for potential selling opportunities.
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