GBP/USD analysis for August 01, 2017


Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.3239. Anyway, according to the 15M time frame, I found a fake breakout of yesterday's high at the price of 1.3225, which is a sign that buying looks risky today. There is also a hidden bearish divergence on the moving average oscillator and a broken upward trend line, which is another sign of potential weakness. The downward targets are set at the prices of 1.3170,1.3150 and 1.3100.

Resistance levels:

R1: 1.3260

R2: 1.3310

R3: 1.3390

Support levels:

S1: 1.3130

S2: 1.3050

S3: 1.3000

Trading recommendations for today: watch for potential selling opportunities.

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