07 December 2017, GBP/USD
Technical Observation:
After descending below 1.3366-1.3325, Gbp is currently pulling back to the same zone in a consolidating matter. Unless there's a clear breakout above this zone with a big green candle, I expect a rejection from this zone to short Gbp towards the hourly support line seen at 1.3320. If the price breaks above 1.3366 with a big green candle, then this will be a confirmation that the price will continue to rise towards 1.3540 or even higher. As it is, only a sell position can be advised with a take profit at 1.3320.
Technical Levels
Resistance levels
R1: 1.3406
R2: 1.347
R3: 1.3645
Pivot
1.3296
Support Levels
S1: 1.2947
S2: 1.3121
S3: 1.3232
Trade Signal
Short Gbp Now towards 1.3220