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Long GBP Towards 1.3455

Long GBP Towards 1.3455 | 08 May 2017

08 May 2017, GBP/USD

Long GBP Towards 1.3455

Technical Observation:

Recently, GBP broke above itsthree-day consolidation zone 1.2956-1.2864 and is still rallying above it. I expect a bullish price rally towards 1.3455 unless there’s a clean bearish breach below 1.2749. On the daily chart above, I’m good to remain long with my TP fixed at 1.3455. My advice, if you went long following the first retracements towards 1.2749, leave this position open, however, if the pair can retrace back to 1.2749 then it will be the best place to rebuy GBP with TP fixed at 1.3455 and SL below 1.2749.

Technical levels:

Resistance levels

R1: 1.2986

R2: 1.299

R3: 1.3003

Pivot Point

1.2977

Support Levels

S1: 1.2951

S2: 1.2964

S3: 1.2973

Trade Signal

Long GBPtowards 1.3455

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Imelda Maseno
Analyst of «FreshForex» company
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