GBP/USD analysis for July 10, 2018


Recently, GBP/USD has been trading downwards. The price tested the level of 1.3179. According to the H1 time - frame, I found a broken upward trendline in the background and potential completed flat upward correction (abc flat), which is a sign that buying looks very risky. My advice is to watch for potential selling opportuntiies if you see a valid breakout of intraday bearish flag pattern. The downward targets are set at the price of 1.3190 and at the price of 1.3050.

Resistance levels: R1: 1.3345 R2: 1.3435 R3: 1.3510

Support levels: S1: 1.3180 S2: 1.3107 S3: 1.3017

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -