GBP/USD analysis for December 19, 2017

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Recently, the GBP/USD pair has been trading sideways at the price of 1.3372. According to the 15M time - frame, I found a broken intraday bearish flag in the background, which is a sign that buying looks risky. I also found overbought conditions on the stochastic oscillator. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3320 (pivot support 1) and at the price of 1.3255 (pivot support 2).

Resistance levels:

R1: 1.3432

R2: 1.3480

R3: 1.3545

Support levels:

S1: 1.3320

S2: 1.3255

S3: 1.3206

Trading recommendations for today: watch for potential selling opportunities.

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