GBP/USD analysis for October 03, 2017


Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.3229. According to the 30M time-frame, I found a fake pullback into the yesterday's trading range, which is a sign of weakness. There is also a breakout of intraday upward trendline, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3185 and 1.3150.

Resistance levels:

R1: 1.3280

R2: 1.3310

R3: 1.3330

Support levels:

S1: 1.3230

S2: 1.3210

S3: 1.3180

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -