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Bulls are charged

Bulls are charged | 25 January 2018

25 January 2018, GBP/USD

Bulls are charged

Technical observation

On 19th January this year, price broke above a support line 1.3934 and failed to be corrected to it instead it was contained with a massive rise towards the hourly resistance line 1.4236 a pin bar also closed at the line. I expect a pull back to 1.4236 followed by a bullish move of price towards 1.4325 and even above it.If price goes below 1.4236 then I expect it to drop to 1.3934 or even break below it, if that happens then I would advise you wait for a retracement to the broken line before you enter short position, right now I would advise you wait for a retracement to 1.4236 then buy GBP.

Technical levels

Resistance levels

R1.1.4071

R2.1.4001

R3.1.3991

Pivot

1.3987

Support levels

S1.1.3975

S2.1.3969

S3.1.3953

Trade signal

Buy GBP at 1.4236 with your take profit above 1.4325 and stop loss at 1.4185

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Imelda Maseno
Analyst of «FreshForex» company
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