GBP/USD approaching major support, prepare to buy

Price is approaching major support at 1.2817 (Fibonacci retracement, horizontal pullback support, Fibonacci extension) and we expect to see a nice bounce above this level to push price towards 1.3029 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (34,5,3) is seeing support above 4.8% where we expect a bounce from.

Buy above 1.2817. Stop loss at 1.2741. Take profit at 1.3029.

analytics5964c40c162e1.png

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