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Analysis of GBP/USD for May 31, 2017

Posted On 31 May 2017
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Recently, the GBP/USD pair has been trading sideways at the price of 1.2840. Anyway, according to the 30M time frame, I found a fake breakout of the yesterday’s high and strong buyers’ reaction. There is also a hidden bullish divergence on the moving average oscilator and confirmed double bottom formation. These are signs of strength. My advice is to watch for potential buying opportunties. The upward target is set at the price of 1.2885.

Resistance levels:

R1: 1.2885

R2: 1.2910

R3: 1.2945

Support levels:

S1: 1.2810

S2: 1.2785

S3: 1.2750

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Analysis of GBP/USD for May 31, 2017

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