01.08.201812:04 Forex Analysis & Reviews: GBP/USD analysis for August 01, 2018

Long-term review

Exchange Rates 01.08.2018 analysis

Recently, the GBP/USD has been trading downwards. The price tested the level of 1.3120. Anyway, according to the H1 time frame, I found the rejection of the support (upward trendline), which is a sign that selling looks risky. I also found breakout of the intraday supply trendline, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.3175 and at the price of 1.3212.

Resistance levels:

R1: 1.3128

R2: 1.3143

R3: 1.3160

Support levels:

S1: 1.3097

S2: 1.3080

S3: 1.3065

Trading recommendations for today: watch for potential buying opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2021
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