GBP/USD analysis for August 07, 2017


Recently, the GBP/USD pair has been trading downawrds. As I expected, the price tested the level of 1.3023. According to the 4H time frame, I found a breakout of the rising wedge formation in the background and my advice is to watch for potential selling opportuntiies. The first downward target is set at the price of 1.2950.

Resistance levels:

R1: 1.3050

R2: 1.3060

R3: 1.3070

Support levels:

S1: 1.3040

S2: 1.3030

S3: 1.3025

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -