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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD analysis for May 05, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2959. According to the 15M time frame, I found a price spike after the Non farm employment change report. Anyway, I found a broken upward trendline and a fake breakout of yesterday's high, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. Downward targets are set at the levels of 1.2900 and 1.2880.

Resistance levels:

R1: 1.2940

R2: 1.2945

R3: 1.2955

Support levels:

S1: 1.2920

S2: 1.2915

S3: 1.2910

Trading recommendations for today: watch for potential selling opportunities.

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