FX.co ★ GBP/USD analysis for May 29, 2017

Recently, the GBP/USDr has been trading upwards. The price tested the level of 1.2848. According to the 15M time frame, I found a potential bearish flag, which is a sign of weakness. There is also a hidden bearish divergence on the moving average oscilator, which is another sign of weakness. My advice is to watch for a potential breakout of the support at 1.2820 for selling opportunities. The downward target is set at the price of 1.2777.

Resistance levels:

R1: 1.2815

R2: 1.2825

R3: 1.2830

Support levels:

S1: 1.2800

S2: 1.2795

S3: 1.2785

Trading recommendations for today: watch for potential selling opportunities.