Technical Observation
Since Sept 15th, Gbp entered into a rectangular formation; not going above 1.3609 or below 1.3482. Unless there’s a clear break out of this rectangular formation, I’m only interested in trading reversals. If a breakout is seen, then I’ll pick either a buy or sell depending on the direction of breakout. If a breakout above 1.3609 is seen, the price could rise further towards 1.3680, while is a breakout below this rectangular formation is seen, then the price could plummet towards 1.3375. As it is, I’m waiting for a rejection from 1.3482 to Gbp towards 1.3609. And if the price is rejection from 1.3609, then I’ll look for a short position.
Technical levels:
Resistance levels
R1: 1.3625
R2: 1.3746
R3: 1.3954
Since Sept 15th, Gbp entered into a rectangular formation; not going above 1.3609 or below 1.3482. Unless there’s a clear break out of this rectangular formation, I’m only interested in trading reversals. If a breakout is seen, then I’ll pick either a buy or sell depending on the direction of breakout. If a breakout above 1.3609 is seen, the price could rise further towards 1.3680, while is a breakout below this rectangular formation is seen, then the price could plummet towards 1.3375. As it is, I’m waiting for a rejection from 1.3482 to Gbp towards 1.3609. And if the price is rejection from 1.3609, then I’ll look for a short position.
Technical levels:
Resistance levels
R1: 1.3625
R2: 1.3746
R3: 1.3954
Pivot
1.3538
Support Levels
S1: 1.3123
S2: 1.3331
S3: 1.3417
Trade Signal
Buy Gbp around 1.3482 with your take profit at 1.3609
1.3538
Support Levels
S1: 1.3123
S2: 1.3331
S3: 1.3417
Trade Signal
Buy Gbp around 1.3482 with your take profit at 1.3609
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