GBP/USD analysis for October 05, 2017


Recently, the GBP/USD has been trading downwards. As I expected, the price tested the level of 1.3164. According to the 15M time frame, I found a broken 3-day trading range, which is a sign that sellers are in control. I also found a weak demand in the reaction of bearish breakout, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3130 and 1.3085.

Resistance levels:

R1: 1.3235

R2: 1.3280

R3: 1.3310

Support levels:

S1: 1.3160

S2: 1.3130

S3: 1.3090

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -