short | 18 October 2017
18 October 2017, GBP/USD
Technical Observation:
Earlier this week, Gbp failed to rise above the weekly resistance line 1.3290. Following the rejection from this line, I expect a drop in price towards 1.2725 or even lower. As it is, if you're not short already, you could wait for a second attempt to rise above this line to short Gbp, or wait and sell below 1.3142. Unless the price breaks above 1.3290, I remain reluctant to long Gbp, however, if the price breaks above 1.3290, then the price will continue rising towards the next resistance line set at 1.4612.
Technical Levels
Resistance levels
R1: 1.3391
R2: 1.3496
R3: 1.3759
Pivot
1.3233
Support Levels
S1: 1.2707
S2: 1.297
S3: 1.3128
Trade Signal
Short unless the price rise above 1.3290
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.
