GBP/USD analysis for August 21, 2018

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Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.2845. According to the M30 time – frame, I found that price is trading inside the rising regression channel, which is a sign that buyers are in control. I also found oversold conditions on the stochastic, which is another sign of strength. My advice is to watch for buying opportunities with take profit at 1.2887.

Resistance levels:

R1: 1.2820

R2: 1.2845

R3: 1.2890

Support levels:

S1: 1.2750

S2: 1.2705

S3: 1.2680

Trading recommendations for today: watch for potential buying opportunities.

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