Flat but waiting for a buy signal | 15 December 2017
15 December 2017, GBP/USD
Technical Observation:
Despite the bearish pin bar seen almost three days ago, Gbp failed to penetrate below the daily support zone 1.3304-1.3283. This is a possible bullish dominance indications and while the price is above 1.3304-1.3283, only a buy position looks more ideal. I expect another pullback to this support to pick a low risk buy opportunity with my take profit still fixed at 1.3585. If this zone is breached with a big red candle, then I expect a decline towards 1.2805 and may break even lower to 1.2625.
Technical Levels
Resistance levels
R1: 1.3407
R2: 1.3466
R3: 1.3655
Pivot
1.3456
Support Levels
S1: 1.2963
S2: 1.3156
S3: 1.3212
Trade Signal
Re-ruy Gbp around 1.3304-1.3283 towards 1.3585
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.
