GBP/USD analysis for August 11, 2017


Recently, the GBP/USD has been sideways at the price of 1.2975. Anyway, according to the 30M time frame, I found that price is testing a supply trendline, which is a sign that buying looks risky. I also found a downward channel and my advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.2950 and 1.2910. The short term trend is bearish.

Resistance levels:

R1: 1.3010

R2: 1.3050

R3: 1.3080

Support levels:

S1: 1.2945

S2: 1.2915

S3: 1.2880

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -