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The best place to buy Gbp around 1.2752

The best place to buy Gbp around 1.2752 | 10 August 2017

10 August 2017, GBP/USD

The best place to buy Gbp around 1.2752

Technical Observation

Nothing has changed much since the previous forecast, I still expect a sharp decline towards the daily support line 1.2752. Unless this support is clearly broken to the lower side with a big red candle, I expect a rejection from this line to long Gbp towards 1.3461. On the weekly chart above, 1.2752 is a key support line and should act as the best place to long Gbp, thus, conservative traders should place a pending buy limit order around 1.2752 and a stop loss slightly below 1.2578, and take profit still fixed at 1.3461.

Technical levels:

Resistance levels

R3:1.30905

R2:1.30598

R1:1.30292

Pivot

1.29985

Support Levels

S1:1.29679

S2:1.29372

S3:1.29066

Trade Signal

Place a pending buy limit order around 1.2752 with a stop loss slightly below 1.2578 and Take profit at 1.3461

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Imelda Maseno
Analyst of «FreshForex» company
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