GBP/USD remains in a short-term ascending channel with the price holding well above our 55 SMA at 1.3200, which is also a fibonacci golden ratio (62%), horizontal support + channel support. All of this adds up really well to giving us a bullish view for a bounce above 1.3200.
Stochastics remains in an oversold region, where we soon expect a bounce from with price to follow correspondingly.
Trading Recommendations:
Buy now and above 1.3200
Take profit at 1.3300 with 1.3275 as the first risk level
Stop loss at 1.3170
The material has been provided by InstaForex Company – www.instaforex.com
The post GBP/USD Trading Recommendations for 21st July 2016 appeared first on forex-analytics.press.