Recently, the GBP/USD pair has been trading upwards. According to the 30M time -frame, I found that price respected the support at the level of 1.3432. I also found oversold conditions on the stochastic oscillator, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.3497 (Fibonacci expansion 100%).If the price breaks the level of 1.3500, GBP/USD might visit the level of 1.3600 (Fibonacci expansion 161.8%)
Resistance levels:
R1: 1.3461
R2: 1.3515
R3: 1.3580
Support levels:
S1: 1.3343
S2: 1.3278
S3: 1.3225
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company - www.instaforex.com