GBP/USD analysis for January 17, 2018


Recently, the GBP/USD pair has been trading sideways at the price of 1.3803. According to the 15M time - frame, I found that price rejected of the pivot support at 1.3753, which is a sign that selling looks risky. I also found positive readings on MACD oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.3818, 1.3840 and at the price of 1.3880.

Resistance levels:

R1: 1.3818

R2: 1.3840

R3: 1.3880

Support levels:

S1: 1.3750

S2: 1.3715

S3: 1.3690

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -