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Bullish towards 1.2971

14 July 2017, GBP/USD

Bullish towards 1.2971

Technical Observation

Just recently, a bullish breakout was seen when Gbp rose above the hourly resistance line 1.2921, retraced back it back failed to penetrade below. I went long following the second pullback to this line and is still holding on. My expectation is that price should rise towards the next resistance line 1.2971. If 1.2971 is broken upwards, then a rally towards 1.3025 is likely. On the hourly chart above, long positions look more ideal and can be recommeded especially while price remain above 1.2921. If the support line 1.2921 can be broken to the lowerside with a big red candle, then I may consider a short position towards 1.2810. Alteranatively, you may consider a short position upon a reversal from 1.2971.

Technical levels:

Resistance levels

R1: 1.2906

R2: 1.2966

R3: 1.3062

Pivot

1.2869

Support Levels

S1: 1.2675

S2: 1.2772

S3: 1.281

Trade Signal

Long Gbp towards 1.2971

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Imelda Maseno
Analyst of «FreshForex» company
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