Bearish pullback towards 1.2748 | 12 May 2017
12 May 2017, GBP/USD
Technical Observation
Recently, GBP dropped almost 130pips and could drop further. This drop is a second retracement to the support line 1.2748 where conservative traders should have a pending buy limit order. On the daily chart above, I expect further drop but should be protected from continuing short by the support 1.2748. My advice, wait for the current bearish move to end around 1.2748 then buy GBP towards 1.3489.
Technical levels:
Resistance levels
R1: 1.2896
R2: 1.2907
R3: 1.2924
Pivot Point
1.2889
Support Levels
S1: 1.2854
S2: 1.2871
S3: 1.2878
Trade Signal
Long GBP around 1.2748 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.
