Analysis of GBP/USD for October 23, 2017


Recently, the GBP/USD pair has been trading sideways at the price of 1.3167. According to the 15M timeframe, I found a successful rejection from the pivot point resistance at the price of 1.3227, which is a sign that buying looks risky. I also found a hidden bearish divergence on the MACD oscilator, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.3119 (S1) and 1.3050 (S2).

Resistance levels:

R1: 1.3230

R2: 1.3270

R3: 1.3343

Support levels:

S1: 1.3118

S2: 1.3050

S3: 1.3005

Trading recommendations for today: watch for potential selling opportunities.

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