GBP/USD analysis for August 27, 2018


Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2828. Anyway, according to the M30 time – frame, I found a rejection of the weekly pivot at the price of 1.2837, which is a sign that selling looks risky. I also found a rising trendline and the oversold condition on the stochastic oscillator, which is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.2880 and at the price of 1.2923.

Resistance levels:

R1: 1.2885

R2: 1.2923

R3: 1.2966

Support levels:

S1: 1.2840

S2: 1.2760

S3: 1.2723

Trading recommendations for today: watch for potential buying opportunities.

The material has been provided by InstaForex Company -