Recently, the GBP/USD has been trading sideways at the price of 1.2865. According to the 30M time frame, I found confirmed double bottom formation and fake breakout of yesterday’s low, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.2920.
Resistance levels:
R1: 1.2875
R2: 1.2900
R3: 1.2925
Support levels:
S1: 1.2820
S2: 1.2790
S3: 1.2770
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the GBP/USD has been trading sideways at the price of 1.2865. According to the 30M time frame, I found confirmed double bottom formation and fake breakout of yesterday’s low, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.2920.
Resistance levels:
R1: 1.2875
R2: 1.2900
R3: 1.2925
Support levels:
S1: 1.2820
S2: 1.2790
S3: 1.2770
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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