Technical Observation:
After bouncing from the 4 hour support line 1.3049, Gbp has been in a constant up trend and could continue to rise. Today, I expect Gbp to trade within a tight range, not going above 1.3397, or below 1.3049, if the price break above or below this range, then I expect the price continue towards the direction of breakout. On the 4 hour chart above, I expect a rise in price towards 1.3397 where I expect a rejection to pick a short position . My advice, if you went long around 1.3049, leave this position open towards 1.3397.
Technical Levels
Resistance levels
After bouncing from the 4 hour support line 1.3049, Gbp has been in a constant up trend and could continue to rise. Today, I expect Gbp to trade within a tight range, not going above 1.3397, or below 1.3049, if the price break above or below this range, then I expect the price continue towards the direction of breakout. On the 4 hour chart above, I expect a rise in price towards 1.3397 where I expect a rejection to pick a short position . My advice, if you went long around 1.3049, leave this position open towards 1.3397.
Technical Levels
Resistance levels
R1: 1.3185
R2: 1.3197
R3: 1.3217
R2: 1.3197
R3: 1.3217
Pivot
1.3177
1.3177
Support Levels
S1: 1.3136
S2: 1.3156
S3: 1.3165
Trade Signal
Long towards 1.3397
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