Long GBP towards 1.3489 | 05 June 2017
05 June 2017, GBP/USD
Technical Observation
Last week, there was a second retracement towards the daily support line 1.2747; and then a second rejection from this line. I went long following this retracement and is still holding on to this position. My expectation is that the price should rise further upwards towards the daily resistance line 1.3489 and could extend further up. The line 1.3489 is a key weekly resistance line and will need a great force to break above, therefore, unless there's a clear breach above this line, I choose to take profits at this line. Technical levels:
Resistance levels
R1: 1.2927R2: 1.2942
R3: 1.3050
Pivot Point
1.2879
Support Levels
S1: 1.2704S2: 1.2793
S3: 1.2840
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.
