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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD analysis for July 16, 2018

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Recently, GBP/USD has been trading upwards. The price tested the level of 1.3265. According to the H4 time - frame, I found a breakout of the supply trendline in the background, which is a sign that selling looks risky. I also found potential completion of the downwrad corrective phase (abc). My advice is to watch for potential buying opportunities on the dips. The upward target is set at the price of 1.3360.

Resistance levels: R1: 1.3240R2: 1.3250R3: 1.3265Support levels: S1: 1.3215S2: 1.3205S3: 1.3190

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com