GBP/USD analysis for November 07, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3177. Anyway, according to the 15M time - frame, I found a broken upward channel and potential double top formation, which is a sign that buying looks risky. There is also a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3096 (pivot support 1) and at the price of 1.3055 (swing low).

Resistance levels:

R1: 1.3212

R2: 1.3252

R3: 1.3330

Support levels:

S1: 1.3096

S2: 1.3055

S3: 1.3280

Trading recommendations for today: watch for potential selling opportunities.

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