Buyers should come in soon. | 06 December 2017
06 December 2017, GBP/USD
Technical Observation:
On the 4 hour chart above, a key support line can be seen around 1.3408-1.3399. Unless there's a clear breakout below this zone with a big red candle, I expect this line to be a demand zone. If not long already, wait for a perfect pullback to this zone then pick a long position with your take profit at 1.3550. Should the price break below 1.3399, then I'll wait for a pullback to the just broken line to pick a short position with an ideal take profit at 1.3220. On the way downwards, the key lines to look for include 1.3355, 1.3290 and lastly 1.3222.
Technical Levels
Resistance levels
R1: 1.3488
R2: 1.3532
R3: 1.3636
Pivot
1.3429
Support Levels
S1: 1.3222
S2: 1.3326
S3: 1.3385
Trade Signal
Buy Gbp around 1.3408-1.3399 towards 1.3550
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.
