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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD analysis for August 16, 2018

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Recently, the GBP/USD pair has been trading sideways at the price of 1.2697. According to the M30 time – frame, I found a buying climax in the background (weakness) and lack of buying power since the price didn't test the resistance 1. I also found a broken upward trendline in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2663 and at the price of 1.2625.

Resistance levels:

R1: 1.2734

R2: 1.2771

R3: 1.2808

Support levels:

S1: 1.2663

S2: 1.2625

S3: 1.2587

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com