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Waiting for aclear rejection signal from 1.2747 to long GBP towards 1.3489.

Waiting for aclear rejection signal from 1.2747 to long GBP towards 1.3489. | 30 May 2017

30 May 2017, GBP/USD

Waiting for aclear rejection signal from 1.2747 to long GBP towards 1.3489.
Technical Observation
On May 26th 2017, GBP declined sharply but failed to penetrate the daily support 1.2747. Unless this support is clearly breached to the lower side with a red big candle, I expect a rejection from this line to re-buy GBP towards 1.3489. On the Daily chart above, Long positions seems more ideal and can be recommended towards 1.3489. However, if the price can clearly breakout below 1.2747, then I''ll wait for retracements to the just broken zone to short GBP towards 1.2082.
Technical levels:
Resistance levels
R1: 1.2844
R2: 1.2864
R3: 1.2897
Pivot Point
1.2831
Support Levels
S1: 1.2765
S2: 1.2798
S3: 1.2811
Trade Signal
Long GBP towards 1.3489

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Imelda Maseno
Analyst of «FreshForex» company
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