GBP/USD analysis for January 22, 2018


Recently, the GBP/USD pair has been trading sideways at the price of 1.3890. According to the 30M time - frame, I found a confirmed intraday reversal head-and-shoulders formation, which is a sign that selling looks risky. I also found a breakout of the pivot level at the price of 1.3880, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.392 and at the price of 1.3985.

Resistance levels:

R1: 1.3922

R2: 1.3985

R3: 1.4029

Support levels:

S1: 1.3815

S2: 1.3773

S3: 1.3708

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -