GBPUSD Sharp Rise, Time to Buy

Analysis of GBPUSD – GBPUSD is experiencing an upward movement due to the weakening of the US dollar; the price is attempting to breach the resistance level.

Today’s Trading Strategy:

Consider BUYING GBPUSD today if it breaks above the range of 1.25163 – 1.25470, with the potential to rise towards the range of 1.26129 – 1.26537.

Alternatives:

If the resistance area of 1.25163 – 1.25470 fails to be breached, it might push GBPUSD down towards the range of 1.24262 – 1.23966.

Resistance Levels:

• R1: 1.25470
• R2: 1.26537
• R3: 1.27054

Support Levels:

• S1: 1.23966
• S2: 1.22902
• S3: 1.21804