GBP/USD analysis for March 06, 2018


Recently, the GBP/USD has been trading sideways at the price of 1.3850. According to the 30M time – frame, I found a successful rejection of the pivot level (1.3830), which is sign that selling looks risky. I also found bullish breakout of 1 -hour balance, which is another sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.3895 and at the price of 1.3940.

Resistance levels:

R1: 1.3895

R2: 1.3940

R3: 1.4006

Support levels:

S1: 1.3785

S2: 1.3720

S3: 1.3673

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -