Short for intraday traders | 16 August 2017

Technical Obsevertion.

Based on the previous anlysis, Gbp plunged further low but still above the daily support line 1.2725. I'm waiting for a clear retracement towards this support line to buy gbp with my take profit set arounc 1.3461 and stop loss below 1.2572. If this support is broken, then I'll wait for pullback to the just broken line to pick a short position towards 1.2167. You could place a pending buy limit order around 1.2752 just in case the price gets to this support line. This position will be very good for both position and day traders, however, if you're a scalper or intraday trader, look for short positions now towards 1.2752.

Technical levels:

Resistance levels

R3:1.30729

R2:1.30447

R1:1.30086

Pivot

1.29829

Support Levels

S1:1.29446

S2:1.29155

S3:1.28796

Trade Signal

Intraday traders can look for short positions towards 1.2725