GBP/USD analysis for December 06, 2017


Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3359. According to the 30M time – frame, I found a fake breakout of yesterday's low at the price of 1.3370, which is sign that selling looks risky. I also found successful rejection from lower diagonal of downward channel and hidden bullish divergence on the stochastic oscillator, which is a sign of strength. My advice is to watch for potential buying opportuntiies. The upward targets are set at the price of 1.3431 (pivot) and at the price of 1.3490 (pivot resistance 2).

Resistance levels:

R1: 1.3490

R2: 1.3543

R3: 1.3604

Support levels:

S1: 1.3381

S2: 1.3320

S3: 1.3270

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -