GBP/USD 02.14.2020 – Upside pressure on the GBP and bullish flag in creation, watch for buying opportutniies with the main

Technical analysis:

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GBP has been trading upward as I expected yesterday. The GBP reached our first target at 1.3069 and rejected some of the previous up move. Anyway, I still see potential for the long side and eventual re-test of the 1.3069 and even test of 1.3165.

Based on the 4H time-frame, I found that bull flag is in creation and buying opportunities are preferable.

MACD oscillator is showing positive reading and new momentum up in the background, which is good confirmation for our long bias.

Resistance levels are seen at the price of 1.3069 and 1.3164

Support levels are set at the price of 1.2992 and 1.2950

The material has been provided by InstaForex Company – www.instaforex.com