FX.co ★ GBP/USD analysis for March 22, 2017

Recently, the GBP/USD pair has been trading upwards. As I expected, the price tested the level of 1.2506. According to the 5M time frame, I found corrective ABC pattern, which is a sign that selling looks risky. The short-term trend is bullish and my advice is to watch only for buying opportunities. You can place pending buy stop order at the price of 1.2491. Upward targets will be set at the price of 1.2506 and 1.2558.

Resistance levels:

R1: 1.2500

R2: 1.2535

R3: 1.2595

Support levels:

S1: 1.2380

S2: 1.2340

S3: 1.2280

Trading recommendations for today: watch for potential buying opportunities.