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GBP/USD analysis for June 01, 2017

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Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.2921. Anyway, according to the 30M time frame, I found a fake breakout of Tuesday's high and a strong divergent bar, which is a sign that buying look risky today. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.2770 (yesterday's low).

Resistance levels:

R1: 1.2915

R2: 1.2950

R3: 1.3005

Support levels:

S1: 1.2800

S2: 1.2765

S3: 1.2705

Trading recommendations for today: watch for potential selling opportunities.

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