Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3342. According to the 15M time- frame, I found that price broke the intraday bearish flag formation, which is a sign that buying looks risky. I also found a stochastic oscillator in the overbought zone, which is another sign of weakness. My advice is to watch for potential selling opportuntities. The downward targets are set at the price of 1.3333 and at the price of 1.3265.
Resistance levels:
R1: 1.3496
R2: 1.3590
R3: 1.3662
Support levels:
S1: 1.3333
S2: 1.3262
S3: 1.3170
Trading recommendations for today: watch for potential selling opportunities.
