Technical analysis of GBP/USD for September 25, 2017




Overview:

  • Pivot: 1.3458.
  • The GBP/USD the pair continues to move upwards from the level of 1.3458. Today, the first level of support is currently seen at 1.3298, the price moves in a bullish channel now.
  • In addition, the price has been set above the strong support level of 1.3298, which coincides with the 78.6% retracement level of Fibonacci.
  • This support has been rejected three times to confirm the veracity of a bullish trend. According to the previous events, we expect that the GBP/USD pair to trade between 1.3298 and 1.3655.
  • Therefore, the support is seen at 1.3298, while the daily resistance is found at 1.3655. This is why the market is likely to show signs of an upward trend around the place of 1.3298.
  • In other words, buy orders are recommended above the place of 1.3298 with the first target at level of 1.3655 and continue in the direction of 1.3886 in the next few days.
  • However, if the GBP/USD pair fails to break the resistance level of 1.3655 today, the market will continue to decline to 1.3298.



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