Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level 1.2415. According to the 4H time frame, I found successful re-test of the upward channel (distribution), which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The first downward target is set at the price of 1.2380. If the price breaks the level of 1.2380, GBP/USD may test the level of 1.2110.
Resistance levels:
R1: 1.2500
R2: 1.2520
R3: 1.2535
Support levels:
S1: 1.2450
S2: 1.2440
S3: 1.2415
Trading recommendations for today: watch for potential selling opportunities.
