GBP/USD analysis for August 18, 2017


Recently, the GBP/USD pair has been trading sideways at the price of 1.2875. Anyway, according to the 15M time frame, I found a fake breakout of resistance cluster and yesterday's high at 1.2910, which is a sign that buyers got trapped and sellers took control. The RSI oscilator showed a hidden bearish divergence, which is another sign that sellers are in control. My advice is to watch for potential selling opportuntiies. The downwards targets are set at 1.2845 and 1.2810.

Resistance levels:

R1: 1.2905

R2: 1.2940

R3: 1.2970

Support levels:

S1: 1.2845

S2: 1.2815

S3: 1.2780

Trading recommendations for today: watch for potential selling opportunities.

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