GBP/USD analysis for October 20, 2017

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Recently, the GBP/USD has been trading sideways at the price of 1.3180. According to the 15M time - frame, I found that shooting star candle and few doji candles near the pivot level at the price of 1.3170, which is a sign that buying looks risky. The stochastic oscillator is in overbought zone, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3115 (S1) and 1.3085 (S2).

Resistance levels:

R1: 1.3215

R2: 1.3270

R3: 1.3315

Support levels:

S1: 1.3115

S2: 1.3070

S3: 1.3015

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com