Technical analysis of GBP/USD for September 18, 2017

Overview:

• The GBP/USD pair continues to move upwards from the level of 1.3444. Last week, the pair rose from the level of 1.3444 to a top around 1.3610. Also, it should be noted that the trend rebounded from the price of 1.3610 to set at 1.3551. This week, the first resistance level is seen at 1.3610 followed by 1.3732, while daily support 1 is seen at 1.3444. According to the previous events, the GBP/USD pair is still moving between the levels of 1.3444 and 1.3610; so we expect a range of 166 pips at least in coming two days.
  Furthermore, if the trend is able to break out through the first resistance level at 1.3610, we should see the pair climbing towards the new level of 1.3732.
  Therefore, buy above the level of 1.3444 with the first target at 1.3610 in order to test the daily resistance 1 and further to 1.3732. Also, it might be noted that the level of 1.3732 is a good place to take profit because it will form a new double top. On the other hand, we still prefer the bullish scenario which suggests that the pair will stay above the zone of 1.3444 this week.

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

Source:: Technical analysis of GBP/USD for September 18, 2017