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Buy gbp on a bounce from 1.30639

Buy gbp on a bounce from 1.30639 | 31 July 2018

31 July 2018, GBP/USD

Technical Observation:

GBP is currently trading within the contracting triangular formation. I'm waiting for a bounce from the 4 hour support line 1.30639 to pick a long position, or a bounce from the upper trend line, acting as a resistance to the triangular formation, to pick a short position with my take profit at 1.30639. Should the price break above these lines, then I expect further movements towards the direction of the breakout. As it is on the 4 hour chart, a break below 1.30639 will culminate into a rally towards 1.29.

Trade Signal.

Buy gbp on a bounce from 1.30639

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Imelda Maseno
Analyst of «FreshForex» company
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