GBP/USD analysis for September 12, 2017

Recently, the GBP/USD pair has been upwards. As like I expected, the price tested the level of 1.3287 driven on the report on CPI y/y at 2.9%. According to the 15M time frame, I found that agressive buyers entered the market and that selling looks risky. I have placed Fibonacci retracement to find potential support levels for re-estalishing long positions. I got Fiboancci retracement 38.2% at the price of 1.3240 and Fibonacci retracement 50% at the price of 1.3222 (support cluster). Watch for buying opportunities. The upward target will be set at the price of 1.3288 and 1.3300.

Resistance levels:

R1: 1.3317

R2: 1.3360

R3: 1.3428

Support levels:

S1: 1.3206

S2: 1.3135

S3: 1.3100

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 September 12, 2017