FX.co ★ GBP/USD analysis for August 06, 2018

Recently, the GBP/USD has been trading downwards. The price tested the level of 1.2926. Anyway, according to the H1 time frame, I found that price got little more room for the downside since the potential area of support is awaiting around the price of 1.2860. My advice is to watch for potential buying opportunities if you see a successful rejection from the support zone. The upward target will be set at the price of 1.3030.

Resistance levels:

R1: 1.3037

R2: 1.3073

R3: 1.3104

Support levels:

S1: 1.2970

S2: 1.2939

S3: 1.2903

Trading recommendations for today: watch for potential buying opportunities.