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Bearish pullback towards 1.2748

Bearish pullback towards 1.2748 | 12 May 2017

12 May 2017, GBP/USD

Bearish pullback towards 1.2748
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.

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Imelda Maseno
Analyst of «FreshForex» company
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