GBP/USD analysis for June 16, 2017

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Recently, the GBP/USD pair has been trading sideways at the price of 1.2770 According to the 15M time frame, I found a big buying climax in the background and a broken symmetrical triangle, which is a sign that buying looks risky. My advice is to watch for selling opportunities. The downward target is set at the price of 1.2730 and 1.2700.

Resistance levels:

R1: 1.2785

R2: 1.2800

R3: 1.2810

Support levels:

S1: 1.2760

S2: 1.2750

S3: 1.2735

Trading recommendations for today: watch for potential selling opportunities.

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

Source:: GBP/USD analysis for June 16, 2017

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