GBP/USD analysis for October 09, 2017

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Recently, the GBP/USD has been trading upwards. The price tested the level of 1.3183 in an ultra high volume. According to the 30M time - frame. I found a testing of upper trendline of an upward intraday channel, which is a sign that buying looks risky. The price is in overbought intraday zone according to the Relative Strength Index oscillator, which is another sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3124 and 1.3030.

Resistance levels:

R1: 1.3130

R2: 1.3150

R3: 1.3170

Support levels:

S1: 1.3090

S2: 1.3070

S3: 1.3050

Trading recommendations for today: watch for potential selling opportunities.

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