FX.co ★ GBP/USD analysis for November 01, 2017

Recently, the GBP/USD has been upwards. The price tested the level of 1.3320 in an ultra high volume. Anyway, according to the 15M time - frame, I found a strong sign of weakness and rejection from pivot resistance 1 at the price of 1.3315, which may leady GBP/USD lower. There is also divergence on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of 1.3220 (Support 1) and at the price of 1.3160 (support 2).

Resistance levels:

R1: 1.3317

R2: 1.3350

R3: 1.3415

Support levels:

S1: 1.3220

S2: 1.3160

S3: 1.3123

Trading recommendations for today: watch for potential selling opportunities.