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26.05.201713:47 Forex Analysis & Reviews: GBP/USD analysis for May 26, 2017

Long-term review

Exchange Rates 26.05.2017 analysis

Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2844. According to the Daily time frame, I found that price broke a sideways channel, which is a sign that sellers took control over the market. There is also a breakout of inside bar formation, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.2760.

Resistance levels:

R1: 1.2990

R2: 1.3015

R3: 1.3045

Support levels:

S1: 1.2930

S2: 1.2910

S3: 1.2875

Trading recommendations for today: consider potential selling opportunities.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2021
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