GBP/USD analysis for March 23, 2017

Source: Forex Analysis


Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level 1.2527. According to the 1H time frame, I found that price is trading inside of well defined upward channel. The GBP/USD is in upward cycle. My advice is to watch for potential buying opportunities. The price successfully tested the lower diagonal of upward channel, which is good sign of strength. Upward targets are set at the price of 1.2560 and 1.2650.

Resistance levels:

R1: 1.2500

R2: 1.2520

R3: 1.2550

Support levels:

S1: 1.2435

S2: 1.2415

S3: 1.2385

Trading recommendations for today: watch for potential buying opportunities.

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