FX.co ★ Analysis of GBP/USD for March 19, 2018

Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.4087. Anyway, according to the 1H time frame, I found that GBP/USD entered a potential corrective phase and my advice is to watch for buying opportunities on the dips. I have placed Fibonacci retracement to find potential levels for long positions and I got Fibonacci retracement 38.2% at the price of 1.4012, Fibonacci retracement 50% at the price of 1.3993 and Fibonacci retracement 61.8% at the price of 1.3965. The upward target is set at the price of 1.4085.

Resistance levels:

R1: 1.3986

R2: 1.4030

R3: 1.4075

Support levels:

S1: 1.3895

S2: 1.3847

S3: 1.3805

Trading recommendations for today: watch for potential buying opportunities on the dips.