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GBP/USD analysis for February 17, 2017

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Recently, the GBP/USD pair has been trading downwards. The price tested the level 1.2388 after the negative number in retails sales. According to the 1H time frame, I found potential parabolic bottoming (my own pattern), which is a sign that selling looks risky. There is also an unconfirmed hidden bullish divergence, which is another sign of potential strength. My advice is to watch for potential buying opportunities. The first target is set at the price of 1.2500.

Resistance levels:

R1: 1.2415

R2: 1.2425

R3: 1.2450

Support levels:

S1: 1.2390

S2: 1.2385

S3: 1.2375

Trading recommendations for today: watch for potential buying opportunities.

Performed by , Analytical expert
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