GBP/USD analysis for November 14, 2017

Recently, the GBP/USD has been trading sideways at the price of 1.3104. According to the 15M time – frame, I found that price is trading below the pivot level (1.3119), which is a sign that sellers are in control. I also found the successful rejection of supply trendline, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3060 and at the price of 1.3000.

Resistance levels:

R1: 1.3177

R2: 1.3238

R3: 1.3295

Support levels:

S1: 1.3060

S2: 1.3000

S3: 1.2941

Trading recommendations for today: watch for potential selling opportunities.

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