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Bullish towards 1.3511

Bullish towards 1.3511 | 04 August 2017

04 August 2017, GBP/USD

Bullish towards 1.3511

Technical Observations

Yesterday, Gbp plummeted and is still showing signs of plummeting even further. Previous day's bearish rally is a retracement move to the lower side towards the daily support line 1.2765. Where I've placed a pending buy limit order with my Take profit fixed at 1.3511 and stop loss slightly below 1.2692. According to the daily chart above, Gbp is very bullish and only buy positions can safely be recommended, while sell positions can be recommended either below 1.2765 or upon a rebound from 1.3511.

Technical levels:

Resistance levels

R1: 1.33122

R2: 1.32823

R3: 1.32506

Pivot

1.32207

Support Levels

S1: 1.31890

S2: 1.31591

S3: 1.31274

Trade Signal

Bullish towards 1.3511

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Imelda Maseno
Analyst of «FreshForex» company
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