Analysis of GBP/USD for October 06, 2017

analytics59d76c28aac09.png

Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.3061. According to the 15M time frame, I found a successful breakout of yesterday's low at the price of 1.3017. Most recently, I found a buying climax in the background, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3050 and 1.3000.

Resistance levels:

R1: 1.3085

R2: 1.3105

R3: 1.3120

Support levels:

S1: 1.3050

S2: 1.3040

S3: 1.3020

Trading recommendations for today: watch for potential selling opportunities.

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