GBP/USD analysis for December 20, 2017


Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3413. Anyway, according to the 30M time – frrame, I found a successful rejection of pivot resistance 1 at the price of 1.3415, which is a sign that buying looks risky. I also found a hidden bearish divergence divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential sleling opporunities. The downward targets are set at the price of 1.3345 and at the price of 1.3302.

Resistance levels:

R1: 1.1415

R2: 1.3444

R3: 1.3486

Support levels:

S1: 1.3345

S2: 1.3302

S3: 1.3370

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company -