FX.co ★ Analysis of GBP/USD for May 09, 2017

Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.2931. The analysis from yesterday is still active. I have noticed a fake breakout of the 20-day high and overbought RSI. My advice is to watch for selling opportunties. The downward targets are set at 1.2835 and 1.2760.

Resistance levels:

R1: 1.2980

R2: 1.2995

R3: 1.3020

Support levels:

S1: 1.2930

S2: 1.2915.

S3: 1.2890

Trading recommendations for today: watch for potential selling opportunities.