Recently, the GBP/USD pair has been trading sideways at the price of 1.3260. According to the 30M time frame, I found that sellers entered the market after the news today. Anyway, the trend is still upward and selling looks risky. I placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1.3265, Fibonacci retracement 50% at the price of 1.3245 and Fibonacci retracement 61.8% at the price of 1.3225. Stochastic is in oversold mode and that is another sign of strength. Watch for potential buying opportunties on the dips.
Resistance levels:
R1: 1.3315
R2: 1.3325
R3: 1.3330
Support levels:
S1: 1.3300
S2: 1.3290
S3: 1.3280
Trading recommendations for today: watch for potential buying opportunities.
