Recently, the GBP/USD pair has been trading sideways at the price of 1.2741. According to the M15 time – frame, I found out that price is trading above the Ichimoku cloud and above Kijun- sen, Tenkan-sen and pivot (1.2733), which is a sign that buyers are in control. I also found on the point and figure chart that there is a double top formation created, which is another sign of strength. My advice is to watch for buying opportunities. The upward target is set at the price of 1.2795 (resistance 1).
The material has been provided by InstaForex Company - www.instaforex.com