GBP/USD analysis for August 22, 2018

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Recently, the GBP/USD has been trading sideways at the price of 1.2890. According to the M30 time frame, I found that price is trading in the well defined upward regression channel, which is a sign that buyers are in control. I also found a rejection from the daily pivot (1.2872) and oversold condition on the stochastic oscillator, which are signs of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.2923 (yesterday's high), 1.2950 (R1) and at the price of 1.300 (R2).

Resistance levels:

R1: 1.2952

R2: 1.3004

R3: 1.3084

Support levels:

S1: 1.2820

S2: 1.2740

S3: 1.2688

Trading recommendations for today: watch for potential buying opportunities.

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