FX.co ★ GBP/USD analysis for July 23, 2018

Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3157. According to the H1 time – frame, I found downward correction in progress (potential abc flat), which is a sign that selling looks risky. I also found hidden bullish divergence on the MACD in the background, which is another sign of strength. My advice is to watch for potential breakout of supply trendline to confirm further upward continuation. The upward target is set at the price of 1.3215.

Resistance levels:

R1: 1.3155

R2: 1.3165

R3: 1.3170

Support levels:

S1: 1.3128

S2: 1.3110

S3: 1.3100

Trading recommendations for today: watch for potential buying opportunities.