Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2800. According to the M15 time – frame, I found a broken intraday bearish flag in the background, which is a sign that buying looks risky. I also found that the price failed to test daily pivot (1.2844), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2771 (S1) and at the price of 1.2730 (S2).
Resistance levels:
R1: 1.2884
R2: 1.2957
R3: 1.2997
Support levels:
S1: 1.2771
S2: 1.2730
S3: 1.2658
Trading recommendations for today: watch for potential selling opportunities.
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