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Wait for a pullback towards 1.3101

Wait for a pullback towards 1.3101 | 27 July 2017

27 July 2017, GBP/USD

Wait for a pullback towards 1.3101

Technical Observation

Recently, a breakout was seen when Gbp went above the short term resistance line 1.3101. This was the confirmation I was waiting for according to yesterday's analysis, I expect an ascend towards the daily resistance line 1.3461. A breakout above this line will push the price further upwards towards the next key resistance line 1.4673. On the daily chart above, long positions seems more ideal especially while the price remains above the line 1.3101, if this line can be breached to the lower side, then a decline in price towards 1.2752 is expected.

Technical levels:

Resistance levels

R1: 1.3163

R2: 1.321
R3: 1.3339
Pivot
1.3081
Support Levels
S1: 1.2824
S2: 1.2952
S3: 1.3034
Trade Signal
Wait for a pullback towards 1.3101 to long Gbp towards 1.3461

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Imelda Maseno
Analyst of «FreshForex» company
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