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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD analysis for May 11, 2017

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Recently, the GBP/USD pair has been trading sideways at the price of 1.2920. According to the daily time frame, I found a fake breakout of 20 days high in the background, which is a sign tha buying looks risky. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.2825 and 1.2760. The short-term trend is upward but I found that buyers lost power and that we may see at least a pullback.

Resistance levels:

R1: 1.2975

R2: 1.2990

R3: 1.3015

Support levels:

S1: 1.2925

S2: 1.2910

S3: 1.2885

Trading recommendations for today: consider potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com