GBP/USD analysis for August 07, 2018

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Recently, the GBP/USD has been trading sideways at the price of 1.2956. According to the M15 time frame, I found that price is trading inside of the upward channel, which is a sign that buyers are in control. Watch for potential buying opportunities if you see a breakout of the resistance trendline. The upward target is set at the price of 1.2994.

Resistance levels:

R1: 1.2996

R2: 1.3051

R3: 1.3089

Support levels:

S1: 1.2903

S2: 1.2865

S3: 1.2810

Trading recommendations for today: watch for potential buying opportunities.

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