GBP/USD analysis for August 08, 2017

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Recently, the GBP/USD has been trading sideways at the price of 1.3017. The analysis from yesterday is still active. According to the 1H time frame, I found that price has broken the rising wedge formation in the background and that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2950 and 1.2815.

Resistance levels:

R1: 1.3060

R2: 1.3090

R3: 1.3115

Support levels:

S1: 1.3010

S2: 1.2985

S3: 1.2960

Trading recommendations for today: watch for potential selling opportunities.

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