GBP/USD analysis for February 22, 2018

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Recently, the GBP/USD has been trading downwards. The price tested the level of 1.3869. Anyway, according to the 30M time – frame, I found a successful rejection of the pivot support 1 at the price of 1.3875, which is a sign that selling looks risky. I also found a hidden bullish divergence on the stochastic 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 1.3940 and at the price of 1.3982.

Resistance levels:

R1: 1.3980

R2: 1.4048

R3: 1.4087

Support levels:

S1: 1.3878

S2: 1.3840

S3: 1.3773

Trading recommendations for today: watch for potential buying opportunities.

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