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Look for long positions towards 1.3461

Look for long positions towards 1.3461 | 07 August 2017

07 August 2017, GBP/USD

Look for long positions towards 1.3461

Technical Observation

Gbp declined even further despite the previous forecast that it could rise towards 1.3461. Unless the short term daily support line 1.3027 is clearly breached to the lower side, I expect a rejection around 1.302 to pick a long position with my take profit still intact at 1.3461. If this support line is broken, then I may consider a short position towards 1.2752. On the weekly chart, the previous two day bearish rally is a retracement and should not be sold, instead, conservative traders should wait for this pullback to end around either 1.3027 or 1.2752 to pick along position.

Technical levels:

Resistance levels

R1: 1.3163

R2: 1.321
R3: 1.3339
Pivot
1.3087
Support Levels
S1: 1.2824
S2: 1.2952
S3: 1.3034
Trade Signal
The best place to pick a long position is around 1.2752 towards 1.3461

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Imelda Maseno
Analyst of «FreshForex» company
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