GBP/USD analysis for August 29, 2017


Recently, the GBP/USD has been trading upwards. The price tested the level of 1.2978 in an ultra high volume. Anyway, according to the 30M time frame, I found buying climax in the background, which is a sign of weakness. After the climax activity, I found a weak demand, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2925 and 1.2900.

Resistance levels:

R1: 1.2960

R2: 1.2990

R3: 1.3040

Support levels:

S1: 1.2890

S2: 1.2845

S3: 1.2815

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -