Recently, the GBP/USD pair has been trading sideways at the price of 1.3167. According to the 15M timeframe, I found a successful rejection from the pivot point resistance at the price of 1.3227, which is a sign that buying looks risky. I also found a hidden bearish divergence on the MACD oscilator, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.3119 (S1) and 1.3050 (S2).
Resistance levels:
R1: 1.3230
R2: 1.3270
R3: 1.3343
Support levels:
S1: 1.3118
S2: 1.3050
S3: 1.3005
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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