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Long Gbp around 1.3138

Long Gbp around 1.3138 | 27 October 2017

27 October 2017, GBP/USD

Technical Observation:
Gbp continues to drop in price despite my previous analysis that it could rise upwards. I expect this downward rally to be a retracement rally towards 1.3138 where I'll be looking to re-buy Gbp with my take profit at 1.3665 and stop loss below the red dotted line, 1.3066. If the support line 1.3138 is broken, then the price will continue to plummet towards 1.2810 where I'll be looking for another buy position.
Technical Levels
Resistance levels
R1: 1.3235
R3: 1.3262
R3: 1.3336
Pivot
1.3137
Support Levels
S1: 1.3038
S2: 1.3113
S3: 1.316
Trade Signal
Long Gbp around 1.3138 towards 1.3665

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Imelda Maseno
Analyst of «FreshForex» company
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