Bearish Tone in GBPUSD, Look for Selling Confirmation
GBPUSD Analysis – The weakening of the British pound is affecting the movement of GBPUSD. GBPUSD is moving downwards, testing the support area between 1.22475 and 1.22240.
Today’s Trading Strategy:
There is a selling opportunity for GBPUSD today as long as it does not break above the range of 1.23305 – 1.23495, with the potential to decline to the area between 1.22475 – 1.22240.
Alternative Scenario:
A breakthrough above the resistance area of 1.23305 – 1.23495 could potentially push GBPUSD higher towards the range of 1.24147 – 1.24282.
Resistance Levels
- R1: 1.23495
- R2: 1.24282
- R3: 1.24479
Support Levels
- S1: 1.22240
- S2: 1.21725
- S3: 1.21369
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