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Long GBP around 1.2748 towards 1.3489.

Long GBP around 1.2748 towards 1.3489. | 02 May 2017

02 May 2017, GBP/USD

Long GBP around 1.2748 towards 1.3489.
Technical Observation:
Recently, GBP pullback to the lower side and could extend lower today. The support line 1.2748 remains very significant unless its breached with a big red candle. On the daily chart above, bulls are still in control thus it may be too risky to to short GBP unless 1.2748 is broken to the lower side. My advice, if you went long following the first retracement towards 1.2748 leave this positions, if not, wait for the second pullback to this line to re-buy GBP around 1.2748 with SL slightly below 1.2748 and TP fixed at 1.3489.
Technical levels:
Resistance levels
R1: 1.298
R2: 1.301
R3: 1.3084
Pivot Point
1.2935
Support Levels
S1: 1.2787
S2: 1.2861
S3: 1.2905
Trade Signal
Long GBP around 1.2748 towards 1.3489.

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Imelda Maseno
Analyst of «FreshForex» company
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