FX.co ★ GBP/USD analysis for December 08, 2017

Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3403. According to the 30M time – frame, I found that price broke the pivot level at 1.3426, which is a sign that sellers are in control. I also found a broken upward trendline in the background, which is another sign of weakness. My advice is to watch for potetnial selling opportunities. The downward targets are set at the price of 1.3370 (pivot support 1) and at the price of 1.3260 (pivot support 2).

Resistance levels:

R1: 1.3532

R2: 1.3590

R3: 1.3697

Support levels:

S1: 1.3370

S2: 1.3260

S3: 1.3202

Trading recommendations for today: watch for potential selling opportunities.