flat | 17 October 2017
17 October 2017, GBP/USD
Technical Observation:
On the weekly chart above, Gbp is currently rallying around a key weekly resistance line 1.3303. Unless there's a clear bullish breakout above this line, I expect a rejection from this line to short Gbp with my take profits set at 1.2791 and the next take profit at 1.2113. This is from the bearish side, if the price can rise above 1.3303, then I expect even a higher rise towards 1.4765. On the way upwards, key lines can be seen at 1.3587, 1.3831 and lastly 1.4469. If these lines are broken, then the price could hit my take profit set at 1.4765.
Technical Levels
Resistance levels
R1: 1.3305
R2: 1.3542
R3: 1.3917
Pivot
1.3175
Support Levels
S1: 1.2415
S2: 1.2791
S3: 1.2929
Trade Signal
Flat
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.
