GBP consolidating within a tight range | 11 May 2017
11 May 2017, GBP/USD
Technical Observation
So far, nothing has changed much since my previous forecast. This pair is still consolidating within a tight range but is showing potentials of trading on the higher ranges unless there's a clear bearish breach below 1.2748. On the daily chart above, I still expect a bullish move towards 1.3489. My advice, if you went long on the first retracement, leave this position open with your target fixed at 1.3489.
Technical levels:
Resistance levels
R1: 1.2969R2: 1.3009
R3: 1.3069
Pivot Point
1.2949
Support Levels
S1: 1.2828S2: 1.2888
S3: 1.2909
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.
