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24.08.201811:27 Forex Analysis & Reviews: GBP/USD analysis for August 24, 2018

Long-term review

Exchange Rates 24.08.2018 analysis

Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2800. According to the M15 time – frame, I found a broken intraday bearish flag in the background, which is a sign that buying looks risky. I also found that the price failed to test daily pivot (1.2844), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2771 (S1) and at the price of 1.2730 (S2).

Resistance levels:

R1: 1.2884

R2: 1.2957

R3: 1.2997

Support levels:

S1: 1.2771

S2: 1.2730

S3: 1.2658

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.

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2021
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