Long GBP Towards 1.29 | 18 April 2017

Technical Observation:

GBPUSD is expected to trade on the higher ranges. After breaking above 1.2526, the price retraced back to retest the same retracement zone 1.2526-1.2552 and could not breach below it. From the Hourly chart, this was the best place to long the pound towards 1.2741. My advice is to hold onto the buy position opened around 1.2554 with your TP at 1.295, abreak above this line will imply streaching your TP towards 1.300, but should not extend beyond 1.330. Your Stop loss should be fixed below the recent lowest low 1.2509.

Technical levels:

Resistance levels

R1: 1.2598

R2: 1.263

R3: 1.2696

Pivot Point

1.2564

Support Levels

S1: 1.2432

S2: 1.2498

S3: 1.2532

Trade Signal

Long GBP towards 1.279