GBP/USD analysis for October 16, 2017


Recently, the GBP/USD pair has been trading sideways at the price of 1.3300. According to the 15M time - frame, I found doji candles and bearish enguling pattern around the pivot point (1.3290), which is a sign that a buying looks risky. There is an overbought stochastic oscilator, which is another sign of weakness. My advice is to watch for potential selling opportunties. The downward targets are set at the price of 1.3245 (S1) and the price of 1.3200 (S2)

Resistance levels:

R1: 1.3335

R2: 1.3382

R3: 1.3425

Support levels:

S1: 1.3245

S2: 1.3200

S3: 1.3150

Trading recommendations for today: watch for potential selling opportunities.

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