Buy Gbp around 1.2752 | 17 August 2017

Technical Observation

For the past few days other than yesterday, Gbp has been trading with an increasing bearish momentum. This downward rally is a retracement move towards 1.2752 where I've placed a buy limit order. Unless 1.2752 is clearly breached to the lower side with a big red candle, I expect a rejection from this daily support line to buy gbp towards 1.3461. My advice, place a pending buy limit order around 1.2752 with your stop loss below 1.2572 and take profit 1.3461.

Technical levels:

Resistance levels

R3:1.30731

R2:1.30454

R1:1.30095

Pivot

1.29841

Support Levels

S1:1.29432

S2:1.29152

S3:1.28788

Trade Signal

Position traders should place a pending buy limit order around 1.2752 with a take profit at 1.3461 and stop loss below 1.2572