GBP/USD on major support, turn bullish

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.

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

From www.instaforex.com http://ift.tt/2gk87YV