Bearish pin bar but still above 1.3038 | 06 November 2017
06 November 2017, GBP/USD
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
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.
