GBP/USD analysis for September 20, 2017


Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.3607 in an ultra high volume. Anyway, according to the 30M time frame, I found a wide spread bar and buying climax in the background, which is a sign that buying at this stage looks risky. There is also a fake breakout of yesterday's high, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3470 and 1.3400.

Resistance levels:

R1: 1.3548

R2: 1.3560

R3: 1.3570

Support levels:

S1: 1.3525

S2: 1.3515

S3: 1.3505

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -