Analysis of GBP/USD for November 06, 2017


Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3127. Anyway, according to the 15M time-frame, I found successful rejection from the pivot resistance 1 at the price of 1.3125, which is a sign that buying looks risky. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.3082 (pivot level) and 1.3032 (pivot support 1).

Resistance levels:

R1: 1.3125

R2: 1.3175

R3: 1.3218

Support levels:

S1: 1.3023

S2: 1.2989

S3: 1.2940

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -