Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3894. Anyway, according to the M30 time-frame, I found a potential selling climax in the background, which is a sign that selling looks risky. I also found ADX readings below the 30 level, which is another sign that supply is weak. My advice is to watch potential breakout of 1.3925 (rally high) to confirm further upward direction. The upward targets are set at the price of 1.3949, 1.3965, and 1.3995.
Resistance levels:
R1: 1.3977
R2: 1.4025
R3: 1.4050
Support levels:
S1: 1.3905
S2: 1.3877
S3: 1.3830
Trading recommendations for today: watch for potential buying opportunities.
