FX.co ★ GBP/USD analysis for May 16, 2017

Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2957. Anyway, according to the 1H time frame, I found a fake breakout of yesterday's high, which is a sign of weakness. There is a strong up-thrust (a reversal bar) in the background, which is another sign that sellers are in control today on GBP/USD. My advice is to watch for selling opportunties. The downward targets are set at the price of 1.2840 and 1.2760

Resistance levels:

R1: 1.2927

R2: 1.2935

R3: 1.2940

Support levels:

S1: 1.2910

S2: 1.2905

S3: 1.2895

Trading recommendations for today: watch for potential selling opportunities.