GBP/USD analysis for November 29, 2017


Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3430. According to the 30M time – frame, I found testing of the previous day's high at the price of 1.3387 that is a sign that selling looks risky. I also found oversold conditions on the stochastic oscillator, which is another sign of srength. I placed a Fibonacci expansion to find potential upward targets. I got FE 61.8% at the price of 1.3431 and FE 100% at the price of 1.3495.

Resistance levels:

R1: 1.3411

R2: 1.3483

R3: 1.3578

Support levels:

S1: 1.3244

S2: 1.3150

S3: 1.3077

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -