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 current support level is in the area of the 1.34723 mark.
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 current resistance level is at the 1.3535 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:
During the day, it is worth considering the possibilities for opening short positions. This is indicated by both: the dynamics of price movement over a longer distance and the latest formed pattern.
