GBP/USD analysis for March 19, 2019

GBP/USD has been trading sideways at the price of 1.3270. Support level at the price of 1.3250 is on the test.

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According to the H4 timeframe, we have found that GBP/USD found support at the price of 1.3253 (Fibonacci retracement 38.2%), which is a sign that selling GBP/USD at this stage looks risky. Fibonacci confluence is found at 1.3210-1.3175. Resistance levels were seen at 1.3385 and 1.3554. MACD oscillator is ready for a bullish cross which suggests a potential bullish movement.

Trading recommendation: We are long GBP from 1.3266 and with protective stop at 1.3160 and the main target at 1.3550.

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

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