GBP/USD analysis for October 11, 2017

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Recently, the GBP/USD has been trading downwards. The price tested the level of 1.3180. According to the 15M time – frame, I found breakout of 3-day upward channel, which is sign that buying looks risky and that sellers started distribution. There is also a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of 1.3130, 1.3100 and 1.3030.

Resistance levels:

R1: 1.3210

R2: 1.3230

R3: 1.3245

Support levels:

S1: 1.3175

S2: 1.3160

S3: 1.3140

Trading recommendations for today: watch for potential selling opportunities.

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