Bulls slowly gaining momentum | 22 November 2017
22 November 2017, GBP/USD
Technical Observation:
Even after last week's weekly bullish pin bar. Gbp is yet to spike upwards as I expected. Gbp is still bullish and only a buy position can be advised. At the moment, if you're not short from 1.3071, you could wait for a breakout above the short term 4 hour resistance line 1.3292 then buy Gbp with a take profit at 1.3576. On the upper side, the key lines to look for include 1.3492, 1.3335 and 1.3576. If these lines are breached, then a rise towards the weekly resistance line 1.4478 is expected.
Technical Levels
Resistance levels
R1: 1.3285
R2: 1.3323
R3: 1.3405
Pivot
1.3242
Support Levels
S1: 1.3078
S2: 1.316
S3: 1.3203
Trade Signal
Look for a long position with the first take profit at 1.3292 and the next at 1.3576
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.
