During the previous trading session, GBPUSD demonstrated downward dynamics. On a longer time-frame, the upward trend still prevails.
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 1.35988 mark.
The level was formed by the Shooting Star pattern. This pattern is a single candlestick which is composed of a small real body and a long upper shadow. This pattern is usually called “Pin Bar” by traders.
Trading recommendations:
The price movement dynamics for a longer period of time as well as the latest signals on the chart indicate the long positions opening intraday. The entry points can be considered from the nearest support levels.
