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GBP/USD analysis for July 05, 2017

Posted On 05 Jul 2017
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Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2893. Anyway, according to the 30M time frame, I found a fake breakout of yesterday’s low at the price of 1.2910, which is a sign that selling looks risky. There is a hidden bullish divergence in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.2945 and 1.2955.

Resistance levels:

R1: 1.2960

R2: 1.2980

R3: 1.3000

Support levels:

S1: 1.2915

S2: 1.2890

S3: 1.2870

Trading recommendations for today: watch for potential buying opportunities.

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

Source:: GBP/USD analysis for July 05, 2017

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