Recently, the GBP/USD pair has been upwards. As like I expected, the price tested the level of 1.3287 driven on the report on CPI y/y at 2.9%. According to the 15M time frame, I found that agressive buyers entered the market and that selling looks risky. I have placed Fibonacci retracement to find potential support levels for re-estalishing long positions. I got Fiboancci retracement 38.2% at the price of 1.3240 and Fibonacci retracement 50% at the price of 1.3222 (support cluster). Watch for buying opportunities. The upward target will be set at the price of 1.3288 and 1.3300.
Resistance levels:
R1: 1.3317
R2: 1.3360
R3: 1.3428
Support levels:
S1: 1.3206
S2: 1.3135
S3: 1.3100
Trading recommendations for today: watch for potential buying opportunities.
