GBP/USD analysis for October 17, 2017


Recently, the Silver has been trading downwards. As expected, the price tested the level of 1.3250. According to the 15M time - frame, I found bearish flag in creation and fake breakout of pivot point at 1.3260. I also found shoting star candle in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3215 (S1) and at the price of 1.3175 (S2).

Resistance levels:

R1: 1.3300

R2: 1.3350

R3: 1.3385

Support levels:

S1: 1.3213

S2: 1.3175

S3: 1.3125

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -