FX.co ★ GBP/USD analysis for February 24, 2017

Recently, the GBP/USD has been trading sideways at the price of 1.2550. According to the 15M time frame, I found potetnial re-accumulation in progress. GBP/USD is range-trading between the prices of 1.2523 (support) and 1.2570. I found a spring bar (shakeout bar), which is a sign that we may see a higher price on GBP/USD. Anyway, final confirmation will be if the price breaks the resistance at 1.2570. Upward targets are set at the prices of 1.2600,1.2650, and 1.2700.

Resistance levels:

R1: 1.2560

R2: 1.2597

R3: 1.2650

Support levels:

S1: 1.2465

S2: 1.2430

S3: 1.2380

Trading recommendations for today: watch for potential buying opportunities.