Wait and Buy Gbp around 1.2752 | 11 August 2017

Technical Observation

Gbp is currently trading slightly below its daily pivot line 1.29801. Since the previous forecast, nothing has charged much, I still expect a decline in price towards the daily support line 1.2752. If you're an intraday trader, you could short this pair now and have your take profit around 1.2752, however, if you're a day trader or position trader, you could wait and buy Gbp on a rejection from 1.2752 with your take profit at 1.3461 and stop loss slightly below 1.2578. If the support line 1.2752 is broken clearly to the lower side, then further decline towards 1.2167 is likely.

Technical levels:

Resistance levels

R3:1.30728

R2:1.30444

R1:1.30085

Pivot

1.29801

Support Levels

S1:1.29442

S2:1.29158

S3:1.28799

Trade Signal

Short Gbp towards 1.2752. Or wait and long Gbp around 1.2752 towards 1.3461