A break above 1.2775 | 19 April 2017
19 April 2017, GBP/USD
Technical Observation:
GBPUSD has been trading upwards this week. Yesterday, we got a bullish trend confirmation when the price broke out above 1.2723. On the daily chart attached, a signifacant daily level 1.2723 has just been broken and therefore we anticipate a move to the upperside. I have placed a pending buy limit order at 1.2775 just in case this price retrace to this level. At the moment, I don't advocate for sell orders but if the price can breach below 1.2723, then I may reconsider shorting The cable towards 1.2101
Technical levels:
Resistance levels
R1: 1.2593
R2: 1.2628
R3: 1.2694
Pivot Point
1.2562
Support Levels
S1: 1.243
S2: 1.2496
S3: 1.2527
Trade Signal
Long GBP upon retracing towards 1.2723
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.
