GBP/USD analysis for September 27, 2017

Recently, the GBP/USD has been trading downwards. As I expected, the price tested the level of 1.3363. According to the 15M time frame, I found a breakout of yesterday’s low at the price of 1.3410, which is a sign that sellers are in control. I placed Fibonacci expansion from most recent swings to find potential downward targets. I got FE 100% at the price of 1.3330 and FE 161.8% at the price of 1.3270.

Resistance levels:

R1: 1.3514

R2: 1.3570

R3: 1.3620

Support levels:

S1: 1.3410

S2: 1.3355

S3: 1.3300

Trading recommendations for today: watch for potential selling opportunities.

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