Analysis of GBP/USD for January 09, 2018


Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3513. Anyway, according to the 30M time frame, I found a fake breakout of yesterday's low at the price of 1.3523, which is a sign that selling looks risky. I also found a piercing pattern, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at 1.3555 and 1.3580.

Resistance levels:

R1: 1.3595

R2: 1.3620

R3: 1.3655

Support levels:

S1: 1.3530

S2: 1.3495

S3: 1.3469

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -