GBP/USD analysis for August 23, 2018

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2849. According to the M15 time – frame, I found a potential double top pattern in the background, which is a sign that buying looks risky. I also found rejection from pivot cluster at the price of 1.2910 (weekly R2), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2836 and at the price of 1.2806.

Resistance levels:

R1: 1.2940

R2: 1.2970

R3: 1.3007

Support levels:

S1: 1.2873

S2: 1.2837

S3: 1.2806

Trading recommendations for today: watch for potential selling opportunities.

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