GBP/USD analysis for January 02, 2018

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3566 . According to the 30M time – frame, I found a breakout of the previous high at the price of 1.3543, which is a sign that selling looks risky. The trend is bullish and my advice is to watch for potential buying opportunities. I have placed Fibonacci expansion to find potential upward targets. I got FE 61.8% at the price of 1.3582 and FE 100% at price of 1.3610.

Resistance levels:

R1: 1.3516

R2: 1.3529

R3: 1.3550

Support levels:

S1: 1.3495

S2: 1.3490

S3: 1.3468

Trading recommendations for today: watch for potential buying opportunities.

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