GBP/USD analysis for February 12, 2018

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Recently, the GBP/USD has been trading sideways at the price of 1.3844. According to the 30M time - frame, I found that the price has broke the upward channel in the background, which is a sign that buying looks risky. I also found a successful rejection of the pivot level (1.3860) and the doji candle, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3735 and at the price of 1.3640.

Resistance levels:

R1: 1.3955

R2: 1.4083

R3: 1.4175

Support levels:

S1: 1.3733

S2: 1.3638

S3: 1.3511

Trading recommendations for today: watch for potential selling opportunities.

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