GBP/USD analysis for February 07, 2018

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Recently, the GBP/USD pair has been trading sideways around the level of 1.3914. I found that the price refused to test pivot support 1 at level of 1.3858, which is a sign that sellers lost power. I also found oversold conditions on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opporrtunities. The upward target is set at the price of 1.3980.

Resistance levels:

R1: 1.4020

R2: 1.4092

R3: 1.4185

Support levels:

S1: 1.3860

S2: 1.3765

S3: 1.3695

Trading recommendations for today: watch for potential buying opportunities.

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