GBP/USD above strong support, prepare to buy on dips
May 17, 2017 3:55 pm
Price is above major support at 1.2861 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect price to make a bounce above this level towards 1.2988 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is also seeing strong support above the 13% area where we expect further bullish action from.
Buy above 1.2861. Stop loss at 1.2798. Take profit at 1.2988.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Price is above major support at 1.2861 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect price to make a bounce above this level towards 1.2988 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (34,5,3) is also seeing strong support above the 13% area where we expect further bullish action from.
Buy above 1.2861. Stop loss at 1.2798. Take profit at 1.2988.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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