Long GBP towards 1.3489 | 05 May 2017
05 May 2017, GBP/USD
Technical Observation:
GBP is consolidating above 1.2748. I expected a second retracement towards 1.2748 to re-buy GBP towards 1.3489, unfortunately, this pair seems to be picking a momentum to the upper side.Above 1.2748 is a buy dominance area and unless there's a clear bearish breach below it, a bullish move towards 1.3489 may carry the day. On the daily chart above, if this pair should retrace for the second time towards 1.2748, the this will be the best place to re-buy GBP.
Technical levels:
Resistance levels
R2: 1.2975
R3: 1.3058
Pivot Point
1.2891
Support Levels
S1: 1.2724S2: 1.2808
S3: 1.2838
Trade Signal
Long GBP towards 1.3489.
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.
