Buy place for position traders | 19 July 2017

Technical Observations

Gbp is currently trading slightly above it's weekly pivot line 1.3011 and above a key weekly resistance line 1.3016. Unless the pivot line and the Resistance are clearly breached to the lower side with a big red candle, I expect a rejection from around 1.3016 to long Gbp towards the weekly resistance line 1.3306. On the weekly chart above, now is the best time to long Gbp with a take profit fixed at 1.3306 and Stop loss slightly below 1.2955. A key support line can be seen around 1.2719 and 1.2167 and if price can pullback to these levels then this will be the best place to long Gbp.

Technical levels:

Resistance levels

R1: 1.3208