GBP/USD analysis for December 11, 2017


Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3342. According to the 15M time- frame, I found that price broke the intraday bearish flag formation, which is a sign that buying looks risky. I also found a stochastic oscillator in the overbought zone, which is another sign of weakness. My advice is to watch for potential selling opportuntities. The downward targets are set at the price of 1.3333 and at the price of 1.3265.

Resistance levels:

R1: 1.3496

R2: 1.3590

R3: 1.3662

Support levels:

S1: 1.3333

S2: 1.3262

S3: 1.3170

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -