FX.co ★ GBP/USD analysis for June 05, 2017

Recently, the GBP/USD has been trading sideways at the price of 1.2910. According to the 4H time frame, I found shakeout of the swing low and confirmed double bottom formation, which is a sign that selling looks risky. The projected upward target is set at the price of 1.3000. My advice is to watch for potential buying opportuntiies.

Resistance levels:

R1: 1.2878

R2: 1.2889

R3: 1.3000

Support levels:

S1: 1.2860

S2: 1.2850

S3: 1.2840

Trading recommendations for today: watch for potential buying opportunities.