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Consolidating upwards

Consolidating upwards | 18 May 2017

18 May 2017, GBP/USD

Consolidating upwards
Technical Observation:
GBP is currently consolidating upwards. Unless there's a breakout below the support line 1.2768, I expect this consolidation to continue upwards and even a spike towards 1.3489. On the daily chart above, a move to the upper side looks more ideal and may be recommended but only up to 1.3489. A breakout above this line will push the price further upwards. My advice, if you went long upon the first retracement towards 1.2768, leave this position open.
Technical levels:
Resistance levels
R1: 1.2973
R2: 1.3012
R3: 1.3104
Pivot Point
1.2919
Support Levels
S1: 1.2734
S2: 1.2827
S3: 1.288
Trade Signal
Flat

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Imelda Maseno
Analyst of «FreshForex» company
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