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Bearish pin bar but still above 1.3038

Bearish pin bar but still above 1.3038 | 06 November 2017

06 November 2017, GBP/USD

Bearish pin bar but still above 1.3038
Technical Observation:
Last week, Gbp dropped in price and ended up forming a bearish pin bar, but since the price is still above a key weekly support zone 1.3038-1.29358. Unless the price clearly breakout below this zone, I remain hesitant to short GBP, instead, I'm waiting for a rejection from this zone to long Gbp towards 1.4724. If the price can close below it, then I may consider a short position towards 1.21109. On the way downwards, the key lines to look for include 1.2688, and 1.2480.00.
Technical Levels
Resistance levels
R1: 1.3736
R2: 1.4075
R3: 1.4829
Pivot
1.3321
Support Levels
S1: 1.1812
S2: 1.2566
S3: 1.2982
Trade Signal
Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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