During the previous trading session, the price of GBPUSD decreased, moving in the main trend direction on the higher time-frame.
The support and resistance levels:
The nearest support level is at the price level of the 1.3273.
This level was formed by the Hammer pattern, also known as the Pin Bar pattern. This pattern is represented with a single Japanese candlestick which is composed of a small real body and a long lower shadow.
The nearest significant resistance level is at the 1.34571 mark.
The Bearish Engulfing pattern formed this level. It consists of two Japanese candles: the first candle is located inside the body of the second candle.
Trading recommendations:
The latest signal on the chart indicates the prevalence of the long positions. This signal is valid, until the other pattern is formed.
