GBP/USD analysis for May 16, 2017
May 16, 2017 12:04 pmVideo
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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2957. Anyway, according to the 1H time frame, I found a fake breakout of yesterday’s high, which is a sign of weakness. There is a strong up-thrust (a reversal bar) in the background, which is another sign that sellers are in control today on GBP/USD. My advice is to watch for selling opportunties. The downward targets are set at the price of 1.2840 and 1.2760
Resistance levels:
R1: 1.2927
R2: 1.2935
R3: 1.2940
Support levels:
S1: 1.2910
S2: 1.2905
S3: 1.2895
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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