Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4121. Anyway, accorrding to the 15M time – frarme I found a successful rejection of Fibonacci retracement 38.2%, which is a sign that selling looks risky. I aslo found a bullish cross on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4210 and at the price of 1.4264 (Fibonacci expansion 61.8%).
Resistance levels:
R1: 1.4217
R2: 1.4285
R3: 1.4405
Support levels:
S1: 1.4030
S2: 1.3912
S3: 1.3845
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com