Recently, the GBP/USD pair has been downwards. The price tested the level of 1.3965. According to the 15M time – frame, I found that price is trading inside of the downward channel, which is a sign that sellers are in control. I also marked waves inside of the channel and I expect fifth wave to develope. My advice is to watch for potential selling opportunities. The downward projection for the fifth wave is set at the price of 1.3890.
Resistance levels:
R1: 1.4080
R2: 1.4155
R3: 1.4210
Support levels:
S1: 1.3948
S2: 1.3890
S3: 1.3815
Trading recommendations for today: watch for potential selling opportunities.
