GBP/USD continues to rally as expected. Our second target at the price of 1.3200 is reached but there is still space for the upward movement. Even the GBP/USD looks to be in the overbought condition, the upward trendline is holding and the price is still trading inside of the Pitchfork upward channel. As long as the support at the price of 1.3060 is holding, buying opportunities are preferable.
R1: 1.3225
R2: 1.3240
R3: 1.3270
Pivot: 1.3200
S1: 1.3182
S2: 1.3150
S3: 1.3135
Trading recommendation: We closed our long position on GBP/USD that we took from 1.2900 and made around 250 pips. Anyway, the level of 1.3140 is a decent support for another smaller long position, so we bought GBP/USD. Targets are set at the price of 1.3217 and 1.3400. Protective stop is placed at 1.3050.
The material has been provided by InstaForex Company -
www.instaforex.com