GBPUSD intraday technical analysis - 18/10/2017

GBPUSD

1.31791 / 1.31798

SUMMARY

Down

TREND

Downward penetration

SENTIMENT

Bullish

VOLATILITY

Medium

MARKET ANALYSIS

Upwards scenario: GBPUSD established clear negative bias on the medium-term perspective. However, appreciation above the resistance at 1.3208 (R1) could provide a chance to expose our target at 1.3252 (R2) and 1.3297 (R3) in potential.
Downwards scenario: The bearish oriented traders expected to be in play below the next support level at 1.3163 (S1) to confirm downside evolvement. Clearance of this level is required to open way towards to our targets at 1.3121 (S2) and 1.3079 (S3).

Resistance levels: 1.3208, 1.3252, 1.3297

Support levels: 1.3163, 1.3121, 1.3079