Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.4230. According to the Daily time – frame, I have found a smash day (trap for sellers) in the background, which is a sign that selling looks very risky. I also found a breakout of inside daily formation, which is another sign of the strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4277 and at the price of 1.4340.
Resistance levels:
R1: 1.4175
R2: 1.4217
R3: 1.4262
Support levels:
S1: 1.4089
S2: 1.4045
S3: 1.4000
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com