Long GBP towards 1.3489 | 16 May 2017
16 May 2017, GBP/USD
Technical Observation
Even after a breakout above 1.2748, GBP is still consolidating above this line. Unless there's a clear bearish breach below 1.2748, I still expect a positive move to the upper side towards 1.3489. Generally, nothing has changed much since the previous forecast, this pair could retrace for the second time to the just broken line to re-buy GBP towards 1.3489. On the daily chart above, buy positions seems more ideal and can be recommended unless the price descend below 1.2748.
Technical levels:
Resistance levels
R1: 1.2934R2: 1.2967
R3: 1.3027
Pivot Point
1.2908
Support Levels
S1: 1.2788S2: 1.2848
S3: 1.2874
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.
