Recently, the GBP/USD pair has been trading downward. After downbeat CPI y/y, price dropped and tested the level of 1.4173. Anyway, according to the H4 time – frame, I found very strong support at the price of 1.4175. I found a Fibonacci retracement 50% and Fibonacci expansion 161.8% at the similar level, which is a sign that selling GBP/USD at this stage looks very risky. In my opinion, selling climax is present and my advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4312 and at the price of 1.4375.
Resistance levels:
R1: 1.4350
R2: 1.4410
R3: 1.4445
Support levels:
S1: 1.4255
S2: 1.4222
S3: 1.4165
Trading recommendations for today: watch for potential buying opportunities.
