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GBP/USD analysis for March 21, 2017

Posted On 21 Mar 2017
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Recently, the GBP/USD pair has been trading upwards. The price tested the level 1.2426. According to the 1H time frame, I found a strong upward trend in the background and double bottom formation, which is a sign that selling looks risky. My advice is to watch for potential buying opportuntiies. The price is trading inside of the upward channel. The median line may act like resistance. I found upward targets at the price of 1.2435, 1.2475 and 1.2560.

Resistance levels:

R1: 1.2415

R2: 1.2440

R3: 1.2480

Support levels:

S1: 1.2335

S2: 1.2310

S3: 1.2270

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 March 21, 2017

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