GBP/USD analysis for October 19, 2017

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Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.3128. According to the 15M time – frame, I found rejection from pivot resistance 1 at the price of 1.3230 in the background, which is a sign that intraday sellers are in control. Most recently, I found a broken intraday rising wedge and rejection from pivot at the price of 1.3185, which is a sign that buying looks risky. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.3114 (S2) and 1.3087 (S3, extreme intraday target).

Resistance levels:

R1: 1.3230

R2: 1.3260

R3: 1.3302

Support levels:

S1: 1.3158

S2: 1.3112

S3: 1.3087

Trading recommendations for today: watch for potential selling opportunities.

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