Flat | 12 December 2017
12 December 2017, GBP/USD
Technical Observation:
As I said earlier, Gbp continues to retrace to the lower side but is still just a few pips from my buy place. Today, I expect further decline towards 1.3303 to pick a low risk buy position with my take profit set at the monthly resistance zone 1.4618-1.4269. This buy position very good for position/ long term traders so, if you're not long already, wait for a decline towards 1.3303, then pick a long position. On the way upwards, the key lines to look for include 1.3710, 1.3840, and 1.4269, if these lines are breached, then I'll wait for a breakout above 1.4618 to confirm a rally towards 1.7310.
Technical Levels
Resistance levels
R1: 1.3407
R2: 1.3466
R3: 1.3655
Pivot
1.3356
Support Levels
S1: 1.2963
S2: 1.3156
S3: 1.3212
Trade Signal
Place a pending buy limit order around 1.3302
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.
