FX.co ★ GBP/USD 02.28.2020 - Major multi pivot suport is on the test at 1.2850, potential for rally towards the 1.2938

Technical analysis:

GBP/USD has been trading sideways at the price of 1.2867. The GBP is near multi pivot support at the price of 1.2850. As long as this support is holding, the potential for the rally is possible towards the 1.2938 and 1.3009.

GBP is making multi-pivots around the most recent Pitchfork channel, which is confirmation of the confluence and indecision.

MACD oscillator is showing bullish divergence on the 4 H time-frames, which adds the potential for the rally to happen.

Major support level is set at the price of 1.2850

Resistance levels and upward targets are set at the price of 1.2938 and 1.3010