GBP/USD has been trading downwards as we expected. The price tested the level of 1.3080. We are still bearish and expecting more downside.
According to the H1 time-frame, we found that sellers took control from buyers and that momentum on the downside is strong. The ADX reading above the 30 is clear sign of the strength on the current downward movement. In the background we noticed the breakout of the 20-h balance and this is another indication of the GBP weakness. Key resistance is seen at the price of 1.3195 while the key supports and our downside targets are seen at 1.3015 and 1.2980.
Trading recommendation: We are still holding our sell position from 1.3138 and we placed the stop lose on the breakeven. Now, we got risk free position. The downward targets are set at the price of 1.3015 and 1.2980.The material has been provided by InstaForex Company - www.instaforex.com