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02.08.201812:36 Forex Analysis & Reviews: GBP/USD analysis for August 02, 2018

Long-term review

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Recently, the GBP/USD has been trading downwards. The price tested the level of 1.3067. Anyway, according to the M30 time frame, I found a potential end of the downward movement. The price stopped exactly at the support 2 (1.3073), which is a sign that selling looks risky. I also found 2 hammer candles, which suggests that buyers are taking control from sellers. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.3098 and at the price of 1.3120.

Resistance levels:

R1: 1.3146

R2: 1.3170

R3: 1.3194

Support levels:

S1: 1.3098

S2: 1.3073

S3: 1.3050

Trading recommendations for today: watch for potential buying opportunities.

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