Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4133. According to the 1H time – frame, I found strong rejection from the lower band, which is a sign that sellers got “too short”. I also found oversold conditions on the stochastic oscillator and rejection of Fibonacci retracement 50% at 1.4130, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set a the price of 1.4196 and at the price of 1.4215.
Resistance levels:
R1: 1.4247
R2: 1.4335
R3: 1.4425
Support levels:
S1: 1.4068
S2: 1.3978
S3: 1.3890
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4133. According to the 1H time – frame, I found strong rejection from the lower band, which is a sign that sellers got “too short”. I also found oversold conditions on the stochastic oscillator and rejection of Fibonacci retracement 50% at 1.4130, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set a the price of 1.4196 and at the price of 1.4215.
Resistance levels:
R1: 1.4247
R2: 1.4335
R3: 1.4425
Support levels:
S1: 1.4068
S2: 1.3978
S3: 1.3890
Trading recommendations for today: watch for potential buying opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: