GBP/USD analysis for Febuary 05, 2018


Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4082. Anyway, according to the 15M time – frame, I found a hidden bullish divergence on the moving average oscillator in the background, which is a sign that selling looks risky. I also found a breakout of intrraday resistance cluster at the price of 1.4126, which is another sign of strength. My advice is to watch for potential buying opportunities. Upward targets are set at the price of 1.4162 (Fibonacci expansion 161.8%) and at the price of 1.4173

Resistance levels:

R1: 1.4229

R2: 1.4340

R3: 1.4406

Support levels:

S1: 1.4053

S2: 1.3989

S3: 1.3875

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -