Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4160. Anyway, according to the M15 time – frame, I found a fake breakout of yesterday's low at the price of 1.4173 and a potential shakeout after the negative Retails sales, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator in creation, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4243 and at the price of 1.4280.
Resistance levels:
R1: 1.4288
R2: 1.4370
R3: 1.4430
Support levels:
S1: 1.4150
S2: 1.4090
S3: 1.4005
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com
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