GBP/USD on major support, turn bullish

By | November 17, 2016

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Price has made a bullish exit of its descending channel and is testing the key support at 1.2444 (Fibonacci retracement).

We expect a bounce from here towards 1.2678 (horizontal pullback resistance, Fibonacci projection).

Stochastic (21,5,3) has bounced above the key support.

RSI (34) is also bouncing above the long-term ascending support.

Buy above 1.2444. Stop loss at 1.2339. Take profit at 1.2678.

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The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex

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