GBP/USD analysis for September 06, 2018


Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.2982. According to the H4 time – frame, I found that price rejected from the Fibonacci retracement 61.8% (1.2810) in the background, which is a sign of further strength. I also found that MACD and Stochastic oscillator showing the bullish trend and the price is trading above the 3DMA, which is a sign that buyers are in control. I placed Fibonacci expansion tool to find potential upward targets. Profit targets are set at the price of 1.3020 (FE 61.8%) and at the price of 1.3160.

Trading recommendations for today: watch for buying opportunities.

The material has been provided by InstaForex Company -