GBP/USD analysis for July 30, 2018

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Recently, the GBP/USD pair has been trading sideways at the price of 1.3108. Anyway, according to the H1 time – frame, I found a potential bearish flag pattern in creation, which is sign that buying looks risky. I also found a breakout of the upward trendline in the background, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward targets are set at the price of 1.3070 and at the price of 1.2960.

Resistance levels:

R1: 1.3120

R2: 1.3129

R3: 1.3137

Support levels:

S1: 1.3103

S2: 1.3095

S3: 1.3086

Trading recommendations for today: watch for potential selling opportunities.

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