GBP/USD above strong support, prepare to buy on dips

Price is above major support at 1.2861 (Fibonacci retracement, horizontal overlap support, Fibonacci extension) and we expect price to make a bounce above this level towards 1.2988 resistance

(Fibonacci extension, horizontal swing high resistance). Stochastic (34,5,3) is also seeing strong support above the 13% area where we expect further bullish action from.

Buy above 1.2861. Stop loss at 1.2798. Take profit at 1.2988.

Analysis are provided by InstaForex