Recently, the GBP/USD has been trading sideways at the price of 1.3360. According to the 4H time – frame, I found that price is trading inside of descending triangle, which is a sign that buying looks risky. I also found a broken upward trendline, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3300 (key support) and at the price of 1.3075. The breakout of the level 1.3300, will confirm testing of the second target at the price of 1.3075.
Trading recommendations for today: watch for potential selling opportunities.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Petar Jacimovic,
InstaForex Group © 2007-2017
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