Recently, the GBP/USD pair has been trading sideways at the price of 1.2515. On the 5M time frame, I found the broken horizontal base (potential 1 day distribution) which is sign that buying looks risky. I calculated potential projection according to the current base and I got potential downward target at the price of 1.2375. I also found a broken upward trendline in the background which is another sign of weakness. My advice is to watch for potential selling opportunities.
Resistance levels:
R1: 1.2550
R2: 1.2560
R3: 1.2570
Support levels:
S1: 1.2530
S2: 1.2525
S3: 1.2517
Trading recommendations for today: watch for potential selling opportunities.
