Analysis of GBP/USD for August 23, 2017

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2792. According to the 30M time frame, I found that resistance at 1.2810 is on the test and my advice is to watch for potential selling opportunities. The Stochastic oscilator is showing overbought conditions, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the levels of 1.2750 and 1.2700.

Resistance levels:

R1: 1.2885

R2: 1.2950

R3: 1.2990

Support levels:

S1: 1.2785

S2: 1.2745

S3: 1.2685

Trading recommendations for today: watch for potential selling opportunities.

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

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