GBP consolidating within a tight range | 11 May 2017

11 May 2017, GBP/USD

GBP consolidating within a tight range
Technical Observation
So far, nothing has changed much since my previous forecast. This pair is still consolidating within a tight range but is showing potentials of trading on the higher ranges unless there's a clear bearish breach below 1.2748. On the daily chart above, I still expect a bullish move towards 1.3489. My advice, if you went long on the first retracement, leave this position open with your target fixed at 1.3489.
Technical levels:
Resistance levels
R1: 1.2969
R2: 1.3009
R3: 1.3069
Pivot Point
1.2949
Support Levels
S1: 1.2828
S2: 1.2888
S3: 1.2909
Trade Signal
Long towards 1.3489

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Imelda Maseno
Analyst of «FreshForex» company
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