Recently, the GBP/USD has been trading sideways at the price of 1.4145. According to the 4H time frame, I found the fake breakout of weekly high at the price of 1.4218, which is a sign that buying looks risky. I also found a hidden bearish divergence on the moving average oscillator and the rejection of upper diagonal of the upward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.4090 and at the price of 1.4000.
Resistance levels:
R1: 1.4275
R2: 1.4317
R3: 1.4390
Support levels:
S1: 1.4160
S2: 1.4087
S3: 1.4045
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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