GBP/USD analysis for January 25, 2019

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GBP/USD has been trading upwards. As I expected, the price tested the level of 1.3135 and reached my third upward target. The previous swing high (now potential support) is on the test and there are no strong sellers to break it, which is a sign of strength. The key support at the price of 1.3000 held successfully and that is another confirmation of strength. The GBP/USD pair is trading now inside of the upward Pitchfork channel between the lower diagonal and the median line.

Resistance levels:

R1: 1.3160

R2: 1.3200

R3: 1.3277

Pivot : 1.3086

Support levels:

S1: 1.3045

S2: 1.2970

S3: 1.2930

Trading recommendations for today: We are adding the new long position from 1.3080 and upward target at 1.3173. Protective stop is placed at 1.3000.

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