GBP/USD analysis for October 13, 2017


Recently, the GBP/USD pair has been trading upwards. The price spiked at the level of 1.3320. Anyway, according to the 15M time - frame, I found strong resistance at the prirce of 1.3320, which is a sign that buying at this stage looks risky. There is a hidden bearish divergence on the moving average osiclator, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. Downward targets are set at the price of 1.3250 and 1.3240.

Resistance levels:

R1: 1.3330

R2: 1.3390

R3: 1.3500

Support levels:

S1: 1.3160

S2: 1.3050

S3: 1.2990

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -