GBP/USD analysis for September 14, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3337 in an ultra high volume. According to the 30M time frame, I found extension in an average true range and a fake breakout of yesterday's high at the price of 1.3329, which is a sign of weakness. My advice is to watch for potential selling opportunities. I placed Fibonacci retracement levels to find potential downward targets. I got FR 38.2% at the price of 1.3270, FR 50% at the price of 1.3250 and FR 61.8% at the price of 1.3225.

Resistance levels:

R1: 1.3345

R2: 1.3355

R3: 1.3370

Support levels:

S1: 1.3320

S2: 1.3305

S3: 1.3297

Trading recommendations for today: watch for potential selling opportunities.

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