Short below 1.3307 towards 1.2721 | 20 October 2017
20 October 2017, GBP/USD
Technical Observation:
After the insider bar seen last week, Gbp could not go beyond 1.3307, following the rejection from 1.3307, we're short towards 1.2723. Unless the price clearly breaks above 1.3307 with a big red candle, I expect a bearish rally towards 1.2721 or even lower. If the price should break above 1.3307, then I'll be waiting for a bullish continuation candle to continue long towards 1.4860 or even higher. as it is, only a short position can be recommended towards 1.2721 and the next take profit at 1.2158.
Technical Levels
Resistance levels
R1: 1.3235
R3: 1.3262
R3: 1.3336
Pivot
1.3187
Support Levels
S1: 1.3038
S2: 1.3113
S3: 1.316
Trade Signal
Short below 1.3307 towards 1.2721
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.
