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Long positions more ideal

Long positions more ideal | 06 June 2017

06 June 2017, GBP/USD

Technical Observation
Recently, GBP retraced back for the second time to the daily support line 1.2747 but got rejected. I went long following this rejection and is still holding onto this positions. My expectations is that price should rise towards 1.3489 unless there's a clear bearish breach below 1.2747. Only a breakout below 1.2747 with a big red candle will trigger sell positions. On the daily chart above, long positions seems more ideal.
Technical levels:
Resistance levels
R1: 1.2944
R2: 1.2982
R3: 1.3062
Pivot Point
1.2903
Support Levels
S1: 1.2744
S2: 1.2824
S3: 1.2865
Trade Signal
Long GBP towards 1.3489

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Imelda Maseno
Analyst of «FreshForex» company
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