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Waiting for a pullback towards 1.3023

Waiting for a pullback towards 1.3023 | 17 July 2017

17 July 2017, GBP/USD

Waiting for a pullback towards 1.3023

Technical Observation

On April 16th this year, Gbp broke out above a key weekly resistance line 1.2719, retraced back to it seven weeks later but failed to breakout below it. I went long following the second pullback to the same line and is still holding. In this week, I expect a spike towards the next weekly resistance line 1.4673. If 1.4673 is broken, then the price may continue upwards towards 1.4673 On the weekly chart above, bulls are completely in dominance and may push the price further upwards towards . My advice, wait for a minor pullback towards 1.3023 to buy Gbp towards 1.4673. If you're skeptic about this position, you could wait and buy Gbp above 1.3306 towards 1.4673

Technical levels:

Resistance levels

R1: 1.2983

R2: 1.3082
R3: 1.324
Pivot
1.2925
Support Levels
S1: 1.2609
S2: 1.2767
S3: 1.2825
Trade Signal
Wait for a pullback towards 1.3023 then long Gbp towards 1.4673

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Imelda Maseno
Analyst of «FreshForex» company
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