GBP/USD analysis for July 31, 2018


Recently, the GBP/USD has been trading upwards. The price tested the level of 1.3163. Anyway, according to the H1 time – frame, I found testing of upper diagonal of the channel (resistance), which is a sign that buying looks risky. I also found a broken upward trendline in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3070 and at the price of 1.2960.

Resistance levels:

R1: 1.3160

R2: 1.3183

R3: 1.3215

Support levels:

S1: 1.3105

S2: 1.3075

S3: 1.3052

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -