Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level 1.2256. According to the 1M time frame, I found a clear intraday distribition phase, which is a sign that buying looks risky. According to the cause (trading range), I have found on the chart that a projected target is set at the price of 1.2125-1.2110. Watch for potential selling opportunities.
Explanation of terms on the chart >
bc – buying climax
ar – automatic reaction
lpsy – last point of supply
Ice - support
Resistance levels:
R1: 1.2210
R2: 1.2238
R3: 1.2285
Support levels:
S1: 1.2115
S2: 1.2090
S3: 1.2040
Trading recommendations for today: watch for potential selling opportunities.
