GBP/USD analysis for May 19, 2017

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Recently, the GBP/USD pair has been trading upwrads. The price tested the level of 1.3027. I found that price respected a downward diagonal of the expanding wedge. My advice is to watch for potential buying opportunities. I have placed Fibonacci expansion to find a potential upward target. I got Fibonacci expansion 100% at the price of 1.3095. Anyway, the first upward target is set at the price of 1.3047 (yesterday’s high).

Resistance levels:

R1: 1.3025

R2: 1.3060

R3: 1.3125

Support levels:

S1: 1.2900

S2: 1.2860

S3: 1.2800

Trading recommendations for today: watch for potential buying opportunities.

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