GBP/USD analysis for February 13, 2019

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GBP/USD has been trading sideways at the price of 1.2882. Anyway, according to the H1 time – frame, we found many sings of potential strength on this currency pair. GBP/USD is now testing the lower parallel (support) of the median line at the price of 1.2880, which is a sign that selling looks risky. Besides, we found confirmed hidden bullish divergence on the MACD oscillator in the background and broken downward mini Pitchfork channel, which is another sign of strength. Short-term support is seen at 1.2870 and the short -term resistance at 1.2920.

Trading recommendation: We bought GBP at 1.2886 with protective stop at 1.2830. Our main target is set at 1.2995 but we expect testing of median line in the future.

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