Long positions more ideal | 06 June 2017
06 June 2017, GBP/USD
Technical Observation
Recently, GBP retraced back for the second time to the daily support line 1.2747 but got rejected. I went long following this rejection and is still holding onto this positions. My expectations is that price should rise towards 1.3489 unless there's a clear bearish breach below 1.2747. Only a breakout below 1.2747 with a big red candle will trigger sell positions. On the daily chart above, long positions seems more ideal.
Technical levels:
Resistance levels
R1: 1.2944R2: 1.2982
R3: 1.3062
Pivot Point
1.2903
Support Levels
S1: 1.2744S2: 1.2824
S3: 1.2865
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.
