FX.co ★ GBP/USD analysis for January 28, 2019

GBP/USD continues to rally as expected. Our second target at the price of 1.3200 is reached but there is still space for the upward movement. Even the GBP/USD looks to be in the overbought condition, the upward trendline is holding and the price is still trading inside of the Pitchfork upward channel. As long as the support at the price of 1.3060 is holding, buying opportunities are preferable.

R1: 1.3225

R2: 1.3240

R3: 1.3270

Pivot: 1.3200

S1: 1.3182

S2: 1.3150

S3: 1.3135

Trading recommendation: We closed our long position on GBP/USD that we took from 1.2900 and made around 250 pips. Anyway, the level of 1.3140 is a decent support for another smaller long position, so we bought GBP/USD. Targets are set at the price of 1.3217 and 1.3400. Protective stop is placed at 1.3050.