Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3809. According to the H4 time frame, I found strong selling pressure on the market, which is a sign that buying looks risky. I also found a broken consolidation pattern, which is another sign of weakness. My advice is to watch for potential selling opportunities on the rallies. The downward target is set at the price of 1.3720.
Resistance levels:
R1: 1.3976
R2: 1.4040
R3: 1.4080
Support levels:
S1: 1.3873
S2: 1.3832
S3: 1.3770
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com