Technical Observation:
GBPUSD has been trading upwards this week. Yesterday, we got a bullish trend confirmation when the price broke out above 1.2723. On the daily chart attached, a signifacant daily level 1.2723 has just been broken and therefore we anticipate a move to the upperside. I have placed a pending buy limit order at 1.2775 just in case this price retrace to this level. At the moment, I don’t advocate for sell orders but if the price can breach below 1.2723, then I may reconsider shorting The cable towards 1.2101
Technical levels:
Resistance levels
R1: 1.2593
R2: 1.2628
R3: 1.2694
Pivot Point
1.2562
Support Levels
S1: 1.243
S2: 1.2496
S3: 1.2527
Trade Signal
Long GBP upon retracing towards 1.2723
Origin: FreshForex
