Wait for a buy signal around 1.3039 | 28 July 2017
28 July 2017, GBP/USD
Technical Observation:
Despite the previous forecast that Gbp could rise towards the next resistance line 1.3479, Gbp pullback lower than expected but is still slightly above the short term support line 1.3039. Unless this short term support is clearly breached to the lower side with a big red candle, I expect a rejection from this line to pick a long position with my target still intact at 1.3479. A breakout below 1.3039 may push the price lower towards the next support line 1.2753, which is a key daily support .
Technical levels:
Resistance levels
R1: 1.3133
R2:1.3201
R3:1.3311
Pivot
1.3092
Support Levels
S1: 1.2872
S2: 1.2982
S3: 1.3024
Trade Signal
Wait for a buy signal around 1.3039 with your take profit at 1.3479.
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