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18.10.201713:06 Forex Analysis & Reviews: GBP/USD analysis for October 18, 2017

Long-term review

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Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.3139. According to the 15M time - frame, I found strong rejection from sellers at the pivot point at the price of 1.3212, which is a sign that buying looks risky. Stochastic oscilator is in the overbought zone, which is another sign that buying looks risky. The short-term trend is bearish. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3135 (S1) and 1.3080 (S2).

Resistance levels:

R1: 1.3270

R2: 1.3345

R3: 1.3400

Support levels:

S1: 1.3135

S2: 1.3080

S3: 1.3005

Trading recommendations for today: watch for potential selling opportunities.

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