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Flat temporarily | 17 May 2017

17 May 2017, GBP/USD

Flat temporarily
Technical Observation:
GBP still consolidating not breaking out above 1.2985 or below 1.2768. I expect a clear breakout above 1.2985 to continue long towards 1.3489 and could breakout and continue higher. On the daily chart above, sell positions are only favorable below 1.2748 but as long as 1.2748 is not breached, I expect a move towards 1.3489. My advice, if you went long on the first retracement towards 1.2748, leave this position open with TP fixed at 1.3489 and SL slightly below 1.2748.
Technical levels:
Resistance levels
R1: 1.2961
R2: 1.3006
R3: 1.3098
Pivot Point
1.2913
Support Levels
S1: 1.2728
S2: 1.2821
S3: 1.2868
Trade Signal
Flat temporarily

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Imelda Maseno
Analyst of «FreshForex» company
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