GBP/USD analysis for January 16, 2019

Posted On 16 Jan 2019

Recently, the GBP/USD pair has been extremely volatile in the last 24 hours due to the Brexit news. However, I found that buyers and sellers agreed to operate in a range within 1.2895 (resistance) and 1.2835 (support), which is a sign that market is in the balance regime. My advice is to watch for a potential breakout of resistance to confirm further upward continuation. I also found very strong demand in the background and aggressive buyers.

Trading recommendations for today: We will buy GBP/USD at 1.2910 with the targets at 1.2960 and 1.3040.

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

Source:: GBP/USD analysis for January 16, 2019

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