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Look for long positions towards 1.3058

Look for long positions towards 1.3058 | 14 Agosto 2017

14 Agosto 2017, GBP/USD

Look for long positions towards 1.3058

Technical Observation

On Friday the 11th, a bullish breakout was seen when Gbp rose above the hourly resistance line 1.3012, and instead of continuing upwards. Gbp continues to consolidate above this line and is yet to pick a momentum to the upper side. I expect the a bounce from 1.3012 to long this pair. According to the hourly chart above, long positions seems more ideal and can be recommended compared to short positions. However, if the price can get back below 1.3012 again, then I may Consider a short position towards 1.2955.

Technical levels:

Resistance levels

R3:1.30728

R2:1.30444

R1:1.30085

Pivot

1.29815

Support Levels

S1:1.29442

S2:1.29158

S3:1.28799

Trade Signal

Long Gbp around 1.3012 towards 1.3058

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Imelda Maseno
Analyst of «FreshForex» company
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