GBP/USD analysis for February 08, 2019 - ConsultFX

GBP/USD analysis for February 08, 2019


The GBP/USD pair has been trading upwards. We found strong impulsive upward move followed by the breakout of the bullish flag pattern, which is sign that buyers are in control and that upward movement is expected. The price is trading above the Ichimoku and kijun-tenkan sen lines, which is another sign of the strength.Short-term support is placed at 1.2920 and short-term resistance at 1.2995.

Trading recommendation: We are long on the GBP/USD pair from 1.2960. Targets are set at the price of 1.2995 and 1.3065. Protective stop is placed at 1.2915.

The material has been provided by InstaForex Company -