GBP/USD analysis for March 05, 2018

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Recently, the GBP/USD has been trading sideways at the price of 1.3799. According to the 30M time – frame, I found that the price did successfull test of the pivot support 1 at the price level of 1.3765, which is a sign that selling looks risky. I also found oversold condition 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 1.3850 and at the price of 1.3590.

Resistance levels:

R1: 1.3827

R2: 1.3850

R3: 1.3890

Support levels:

S1: 1.3765

S2: 1.3730

S3: 1.3705

Trading recommendations for today: watch for potential buying opportunities.

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