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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD approaching major support, prepare to buy

Price is approaching major support at 1.2817 (Fibonacci retracement, horizontal pullback support, Fibonacci extension) and we expect to see a nice bounce above this level to push price towards 1.3029 resistance (Fibonacci extension, horizontal swing high resistance).

Stochastic (34,5,3) is seeing support above 4.8% where we expect a bounce from.

Buy above 1.2817. Stop loss at 1.2741. Take profit at 1.3029.

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