Consolidating upwards | 18 May 2017
18 May 2017, GBP/USD
Technical Observation:
GBP is currently consolidating upwards. Unless there's a breakout below the support line 1.2768, I expect this consolidation to continue upwards and even a spike towards 1.3489. On the daily chart above, a move to the upper side looks more ideal and may be recommended but only up to 1.3489. A breakout above this line will push the price further upwards. My advice, if you went long upon the first retracement towards 1.2768, leave this position open.Technical levels:
Resistance levels
R2: 1.3012
R3: 1.3104
Pivot Point
1.2919
Support Levels
S1: 1.2734S2: 1.2827
S3: 1.288
Trade Signal
Flat
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.
