GBP/USD analysis for August 03, 2017

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Recently, the GBP/USD has been trading downwards. The price tested the level of 1.3121. According to the 1H time frame, I found strong selling pressure after the interest rate decision from Bank of England. I found a breakout of the 20-day upward channel, which is a sign that buying looks risky. The RSI also confirmed strong selling pressure. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.2945.

Resistance levels:

R1: 1.3255

R2: 1.3285

R3: 1.3320

Support levels:

S1: 1.3190

S2: 1.3155

S3: 1.3125

Trading recommendations for today: watch for potential selling opportunities.

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