Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3123. Anyway, according to the M15 time – frame, I found that buyers got exhausted near resistance 2 (1.3137), which is a sign that buying at this stage looks risky. I also found the overbought condition on the stochastic oscillator, which is another sign of weakness. The downward targets are set at the price of 1.3036 and at the price of 1.3000.
Resistance levels:
R1: 1.3091
R2: 1.3137
Support levels:
Daily pivot – 1.3036
S1: 1.2994
Trading recommendations for today: watch for potential selling opportunities due to overbought condition.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3123. Anyway, according to the M15 time – frame, I found that buyers got exhausted near resistance 2 (1.3137), which is a sign that buying at this stage looks risky. I also found the overbought condition on the stochastic oscillator, which is another sign of weakness. The downward targets are set at the price of 1.3036 and at the price of 1.3000.
Resistance levels:
R1: 1.3091
R2: 1.3137
Support levels:
Daily pivot – 1.3036
S1: 1.2994
Trading recommendations for today: watch for potential selling opportunities due to overbought condition.
The material has been provided by InstaForex Company – www.instaforex.com
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