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Buy Gbp around 1.2762 with a take profit at 1.3493.

Buy Gbp around 1.2762 with a take profit at 1.3493. | 21 August 2017

21 August 2017, GBP/USD

Buy Gbp around 1.2762 with a take profit at 1.3493.
Technical Observation
Last week, Gbp plummeted in price but is currently approaching a key support line 1.2762. This is a major support on the daily chart, and unless it’s clearly breached to the lower side with a big red candle, I remain hesitant to short Gbp, if I have to short anything, then I can only remain short up to 1.2762. That said, I expect further drop in price towards 1.2762 where I’ll pick a long position towards 1.3493. My advice, intraday traders should remain short towards 1.2762. However, if you’re a day trader, wait and buy gbp upon a clear rejection from 1.2762 with your stop loss slightly below 1.2566 and take profit fixed at 1.3493.
Technical levels:
Resistance levels
R3:1.3081
R2:1.3050
R1:1.3020
Pivot
1.2914
Support Levels
S1:1.2924
S2:1.2935
S3:1.2825
Trade Signal
Buy Gbp around 1.2762 with a take profit at 1.3493.

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Imelda Maseno
Analyst of «FreshForex» company
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