28 September 2017, GBP/USD
Technical Observation
Gbp continues to plummet despite my expectations that it could bounce from the daily support line 1.3447. As it is, on the hourly chart, Gbp could continue short, but on the higher time frames such as the daily and weekly charts, I'm waiting for a clear buy signal to buy Gbp. If you went short on the first retracement towards 1.3474, its good to remain short for a limited time, if not, wait for a clear buy signal to buy Gbp on the higher time frame with your take profit set somewhere around 1.36
Technical levels:
Resistance levels
R1: 1.3436
R2: 1.3475
R3: 1.3551
Pivot
1.34
Support Levels
S1: 1.3248
S2: 1.3324
S3: 1.336
Trade Signal
Remain short temporarily