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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD analysis for January 29, 2018

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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4093. Anyway, according to the 15M time – frame, I found a hidden bullish divergence on the stochastic oscillator, which is sign that selling looks risky. I also found that prrice didn't got power to test pivot support 1 (1.4077), which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4180 and at the price of 1.4255.

Resistance levels:

R1: 1.4180

R2: 1.4255

R3: 1.4360

Support levels:

S1: 1.4077

S2: 1.4003

S3: 1.3900

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com