GBP/USD analysis for January 08, 2018


Recently, the GBP/USD pair has been trading downwards. According to the 1H time frame, I found that the price successfully tested the Fibonacci retracement 61.8% at the level of 1.3529, which is a sign that selling looks risky. I also found a bullish outside bar candle formation, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the prices of 1.3580 and 1.3610.

Resistance levels:

R1: 1.3590

R2: 1.3615

R3: 1.3650

Support levels:

S1: 1.3530

S2: 1.3498

S3: 1.3470

Trading recommendations for today: watch for potential buying opportunities

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