Long towards 1.3489 | 10 May 2017
10 May 2017, GBP/USD
Technical Observation
GBP continues to consolidate above 1.2748 but should head straight towards 1.3489. On the daily chart above, unless there's a clear bearish breach below 1.2748, I expect a positive move to the upper side towards 1.3489 and may breakout above. At the moment, there could be a second retracement towards 1.2748 to give a second chance to re-buy GBP at the minimal risk. My advice, if you went long during the first pullback towards 1.2748, leave this position open.
Technical levels:
Resistance levels
R1: 1.2975
R2: 1.3009
R3: 1.3066
Pivot Point
1.2952
Support Levels
S1: 1.2839S2: 1.2896
S3: 1.2918
Trade Signal
Long 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.
