GBP/USD analysis for July 11, 2018


Recently, GBP/USD has been trading downwards. The price tested the level of 1.3240. 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 I also found a broken intraday bearish flag pattern, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.3190 and at the price of 1.3050.

Resistance levels: R1: 1.3298R2: 1.3338 R3: 1.3375

Support levels: S1: 1.3220S2: 1.3185 S3: 1.3144

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -