Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.3412. According to the 30M time frame, I found a downward breakout of a strong support cluster, which is a sign that sellers are in control. There is also a breakout of an intraday bearish flag, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3385 and 1.3260 (Fibonacci based target).
Resistance levels:
R1: 1.3550
R2: 1.3630
R3: 1.3690
Support levels:
S1: 1.3410
S2: 1.3350
S3: 1.3625
Trading recommendations for today: watch for potential selling opportunities.
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