Analysis of GBP/USD for October 31, 2017

Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3222. According to the 30M timeframe, I found a fake breakout of yesterday’s high at the price of 1.3215, which is a sign that buying looks risky. There is also a hidden bearish divergence on the moving average oscialltor, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at 1.3180, 1.3167 and 1.3155.

Resistance levels:

R1: 1.3244

R2: 1.3280

R3: 1.3347

Support levels:

S1: 1.3140

S2: 1.3075

S3: 1.3038

Trading recommendations for today: watch for potential selling opportunities.

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