GBP/USD analysis for July 12, 2017

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Recently, the GBP/USD has been trading sideways at the price of 1.2865. According to the 30M time frame, I found confirmed double bottom formation and fake breakout of yesterday's low, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.2920.

Resistance levels:

R1: 1.2875

R2: 1.2900

R3: 1.2925

Support levels:

S1: 1.2820

S2: 1.2790

S3: 1.2770

Trading recommendations for today: watch for potential buying opportunities.

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