GBP/USD analysis for August 25, 2017

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Recently, the GBP/USD has been trading upwards. The price tested the level of 1.2840. Anyway, according to the 30M time frame, I found fake breakout of 2-day high and weakness in the background, which is a sign that buying looks risky. The weekly average 240SMA is also on the test. There is also an evening star formation, which is another bearish sign. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.2780.

Resistance levels:

R1: 1.2835

R2: 1.2870

R3: 1.2900

Support levels:

S1: 1.2765

S2: 1.2735

S3: 1.2700

Trading recommendations for today: watch for potential selling opportunities.

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