GBP/USD analysis for December 05, 2018

analytics5c07a7a007617.png

Recently, the GBP/USD pair has been trading sideways at the price of 1.2736. According to the M15 time – frame, I found out that price is trading above the Ichimoku cloud and above Kijun- sen and Tenkan-sen, which is a sign that buyers are in control. I also found on the point and figure chart that there is a triple top formation created, which is another sign of strength. My advice is to watch for buying opportunities above the 1.2750. The upward targets are set at the price of 1.2812 (pivot R1) and at the price of 1.2915 (Pivot R2).

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