GBP/USD analysis for August 09, 2017


Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3028. According to the 30M time frame, I found a broken bearish flag in the background, which is a sign that buying looks risky. I also found a flip from bullish to bearish on the RSI oscilator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2950 and 1.2900.

Resistance levels:

R1: 1.3050

R2: 1.3100

R3: 1.3150

Support levels:

S1: 1.2950

S2: 1.2900

S3: 1.2840

Trading recommendations for today: watch for potential selling opportunities.

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