GBP/USD analysis for August 22, 2017

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Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2811 (reached first target). According to the 30M time frame, I found a downward breakout of 5-day trading range, which is a sign that sellers started distribution. There is also a breakout of upward trendline, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at 1.2800 and 1.2750.

Resistance levels:

R1: 1.2925

R2: 1.2950

R3: 1.2990

Support levels:

S1: 1.2860

S2: 1.2825

S3: 1.2780

Trading recommendations for today: watch for potential selling opportunities.

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