GBP/USD has been trading downwards. The price tested the level of 1.2977. Anyway, potential oversold condition is found.
According to the M15 time – frame, we found rejection from the support 1 at the price of 1.2986, which is sign that selling looks very risky. Also, stochastic oscillator is in oversold condition, which adds more potential strength on the GBP. Resistance levels are seen at the price of 1.3090 (pivot) and at 1.3149 (RR1).
Trading recommendation: We are long GBP from 1.3022 and targets at 1.3090 and 1.3150.The material has been provided by InstaForex Company - www.instaforex.com