GBP/USD analysis for August 31, 2018
Recently, the GBP/USD pair has been trading sideways at the price of 1.3000. According to the Daily time – frame, I found a bearish harami candlestick pattern in the background, which is a sign that buying looks risky and that selling might be the right play. The price is trading below the cloud, which is a sign that trend is downward. Watch for selling opportunities. The downward target is set at the price of 1.2918 (kijun-sen + tankan-sen).
Key resistance – 1.3042
Support and downward target – 1.2918 (Kijun sen + Tenkan sen)
Trading recommendations for today: watch for potential selling opportunities.