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 1.33289 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 1.33806 mark.
This level was formed by a Pin Bar pattern. This pattern is presented with a single Japanese candle with a small real body and a long upper shadow. This is one of the key patterns in the Price Action system.
Trading recommendations:
The upward dynamics prevail on a longer time period, but the short positions should be prioritized during the day because the latest signal suggests a dominant downward movement.
