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Long GBP above 1.2748 towards 1.3489

Long GBP above 1.2748 towards 1.3489 | 03 May 2017

03 May 2017, GBP/USD

Long GBP above 1.2748 towards 1.3489
Technical Observation:
Nothing has changed much since yesterday, although I expected a possible second retracement towards 1.2748, GBP could proceed to the upper side without retracing for the second time to this support line. On the daily chart, long positions seems ideal and less risky in the long run. My advice, if you went long on the first retracement towards 1.2748, leave this position open. If not, you could place a pending buy limit order around 1.2748 just in case the price retrace to this zone later.
Technical levels:
Resistance levels
R1: 1.2929
R2: 1.2961
R3: 1.3017
Pivot Point
1.2905
Support Levels
S1: 1.2794
S2: 1.285
S3: 1.2874
Trade Signal
Long GBP above 1.2748 towards 1.3489

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Imelda Maseno
Analyst of «FreshForex» company
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