Flat | 12 December 2017

12 December 2017, GBP/USD

Flat

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

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Imelda Maseno
Analyst of «FreshForex» company
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