Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2811 (reached first target). According to the 30M time frame, I found a downward breakout of 5-day trading range, which is a sign that sellers started distribution. There is also a breakout of upward trendline, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at 1.2800 and 1.2750.
Resistance levels:
R1: 1.2925
R2: 1.2950
R3: 1.2990
Support levels:
S1: 1.2860
S2: 1.2825
S3: 1.2780
Trading recommendations for today: watch for potential selling opportunities.
