Look for a long position towards 1.4735 | 29 September 2017
29 September 2017, GBP/USD
Technical Observation
Recently, Gbp broke out above 1.3363 with a big green candle, retraced back to it, but could not penetrate below. I'm waiting for a rally to the upper side, then a second retracement to this line to pick a long position with my take profit at 1.4735. As it is, Gbp is bullish and only a buy position can be recommended, but only after a clear buy signal is seen. That said, unless the line 1.3363 is broken with a big red candle, I expect a long position around this line. If the line 1.3363 is broken, then the price could plummet towards 1.3761.
Technical levels:
Resistance levels
R1: 1.3482
R2: 1.3526
R3: 1.3639
Pivot
1.3413
Support Levels
S1: 1.3187
S2: 1.33
S3: 1.3369
Trade Signal
Look for a long position towards 1.4735
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
