GBP/USD analysis for January 04, 2018

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Recently, the GBP/USD has been trading sideways at the price of 1.3540. According to the 30M time frame, I found that the price has broken the pivot level at 1.3540, which is a sign that buyers are in control today. I also found a rising MACD oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the prices of 1.3588 and 1.3660.

Resistance levels:

R1: 1.3588

R2: 1.3660

R3: 1.3708

Support levels:

S1: 1.3470

S2: 1.3420

S3: 1.3350

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company - www.instaforex.com