Wait for a retracement at 1.3297 | 22 January 2018

22 January 2018, GBP/USD

Wait for a retracement at 1.3297

Technical observation

Previously GBP broke above a key resistance line 1.3297 and retraced to it then went up. Currently price is still rallying above the line and I expect a rejection of it at to buy GBP towards the line 1.4604,if this line is broken then ill wait for a retracement to it to rebuy GBP with my new take profit at 1.5890 or even further up if this line gets broken too. Right now only long positions are ideal and can be advise at the line 1.3297 or after a breakout above the line 1.4604 and a retracement to it towards 1.5890.the key lines to look for on this chart are1.5890,1.4606,1.3297and 1.2731.

Technical levels

Resistance levels

R1.1.3959

R2.1.4064

R3.1.4284

Pivot

1.3842

Support levels

S1.1.3738

S2.1.362

S3.1.3399

Trade signal

Wait for a retracement to 1.3297 and buy GBP it with your take profit at 1.4604 and stop loss slightly below 1.3297

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Imelda Maseno
Analyst of «FreshForex» company
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