GBP/USD analysis for July 16, 2018
Recently, GBP/USD has been trading upwards. The price tested the level of 1.3265. According to the H4 time – frame, I found a breakout of the supply trendline in the background, which is a sign that selling looks risky. I also found potential completion of the downwrad corrective phase (abc). My advice is to watch for potential buying opportunities on the dips. The upward target is set at the price of 1.3360.
Resistance levels: R1: 1.3240R2: 1.3250R3: 1.3265Support levels: S1: 1.3215S2: 1.3205S3: 1.3190
Trading recommendations for today: watch for potential buying opportunities.