Technical analysis of GBP/USD for September 25, 2017

Overview:

  • Pivot: 1.3458.
  • The GBP/USD pair continues to move upwards from the level of 1.3458. Today, the first support level is currently seen at 1.3298, the price is moving in a bullish channel now.
  • Furthermore, the price has been set above the strong support at the level of 1.3298, which coincides with the 78.6% Fibonacci retracement level.
  • This support has been rejected three times confirming the veracity of an uptrend. According to the previous events, we expect the GBP/USD pair to trade between 1.3298 and 1.3655.
  • So, the support is seen at 1.3298, while daily resistance is found at 1.3655. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3298.
  • In other words, buy orders are recommended above the spot of 1.3298 with the first target at the level of 1.3655; and continue towards 1.3886 in coming days.
  • However, if the GBP/USD pair fails to break through the resistance level of 1.3655 today, the market will decline further to 1.3298.

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