Analysis of GBP/USD for August 21, 2017

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Recently, the GBP/USD pair has been upwards. The price tested the level of 1.2897. Anyway, according to the 30M time frame, I found that the price is breaking the upward trendline and that there is a strong resistance cluster in the background, which is a sign that buying looks risky. The Stochastic oscilator is in the oberbought condition, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2845 and 1.2830.

Resistance levels:

R1: 1.2900

R2: 1.2935

R3: 1.2990

Support levels:

S1: 1.2845

S2: 1.2820

S3: 1.2765

Trading recommendations for today: watch for potential selling opportunities.

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