GBP/USD analysis for August 28, 2017


Recently, the GBP/USD has been trading upwards. The price tested the level of 1.2923. According to the 30M time frame, I found re-test of the previous high at the price of 1.2920, which is sign that buying looks risky. Stochstic oscilator is showing a hidden bearish divergence, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2875 and 1.2820.

Resistance levels:

R1: 1.2920

R2: 1.2935

R3: 1.2945

Support levels:

S1: 1.2895

S2: 1.2885

S3: 1.2870

Trading recommendations for today: watch for potential selling opportunities.

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