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14.08.201811:07 Forex Analysis & Reviews: GBP/USD analysis for August 14, 2018

Long-term review

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2826. According to the M15 time – frame, I found a trap up move after the average Earnings Index 3m/y came 2.4%. I also found a rejection of resistance 2 at the price of 1.2823 and rejection of the upper diagonal (resistance), which is a sign that buyers got exhausted. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2704 and at the price of 1.2675.

Resistance levels:

R1: 1.2796

R2: 1.2823

R3: 1.2857

Support levels:

S1: 1.2735

S2: 1.2700

S3: 1.2675

Trading recommendations for today: watch for potential selling opportunities.

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