10 августа 2017, GBP/USD
Technical Observation
Nothing has changed much since the previous forecast, I still expect a sharp decline towards the daily support line 1.2752. Unless this support is clearly broken to the lower side with a big red candle, I expect a rejection from this line to long Gbp towards 1.3461. On the weekly chart above, 1.2752 is a key support line and should act as the best place to long Gbp, thus, conservative traders should place a pending buy limit order around 1.2752 and a stop loss slightly below 1.2578, and take profit still fixed at 1.3461.
Technical levels:
Resistance levels
R3:1.30905
R2:1.30598
R1:1.30292
Pivot
1.29985
Support Levels
S1:1.29679
S2:1.29372
S3:1.29066
Trade Signal
Place a pending buy limit order around 1.2752 with a stop loss slightly below 1.2578 and Take profit at 1.3461
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