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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 August 22, 2017

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Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2811 (reached first target). According to the 30M time frame, I found a downward breakout of 5-day trading range, which is a sign that sellers started distribution. There is also a breakout of upward trendline, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at 1.2800 and 1.2750.

Resistance levels:

R1: 1.2925

R2: 1.2950

R3: 1.2990

Support levels:

S1: 1.2860

S2: 1.2825

S3: 1.2780

Trading recommendations for today: watch for potential selling opportunities.

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