GBP/USD analysis for July 11, 2017


Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2909. According to the 1H time frame, I found a completed double bottom formation, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities due to a breakout of the neckline. The upward projection is set at the price of 1.2965.

Resistance levels:

R1: 1.2910

R2: 1.2925

R3: 1.2945

Support levels:

S1: 1.2875

S2: 1.2855

S3: 1.2840

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -