Technical Observation
Recently, Gbp broke out above 1.3363 with a big green candle, retraced back to it, but could not penetrate below. I'm waiting for a rally to the upper side, then a second retracement to this line to pick a long position with my take profit at 1.4735. As it is, Gbp is bullish and only a buy position can be recommended, but only after a clear buy signal is seen. That said, unless the line 1.3363 is broken with a big red candle, I expect a long position around this line. If the line 1.3363 is broken, then the price could plummet towards 1.3761.
Technical levels:
Resistance levels
R1: 1.3482
R2: 1.3526
R3: 1.3639
Pivot
1.3413
Support Levels
S1: 1.3187
S2: 1.33
S3: 1.3369
Trade Signal
Look for a long position towards 1.4735
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