GBP/USD analysis for January 5, 2018


Recently, the GBP/USD pair has been trading sideways at the price of 1.3545. According to the 30M time frame, I found that the price successfully tested the support at 1.3523 (pivot support 1), which is a sign that selling looks risky. I also found a morning star candle formation and oversold stochastic oscillator, which is a sign of strength. My advice is to watch for potetnial buying opportunities. The upward targets are set at 1.3572, 1.3590, and 1.3625.

Resistance levels:

R1: 1.3572

R2: 1.3592

R3: 1.3625

Support levels:

S1: 1.3518

S2: 1.3485

S3: 1.3465

Trading recommendations for today: watch for potential buying opportunities.

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