Technical Observation:
Recently, Gbp spiked higher as expected and is currently slightly above a key short term resistance line 1.3280. Unless there's a clear bearish breach below this line, I expect further rise to the upper side with a take profit at 1.3660. On the way upwards, the key hurdles to look for include 1.3379, 1.3578 and 1.3660. If this lines are breached, then further rise towards 1.4478 is expected. My advice, you should wait for a slight retracement to the lower side then but Gbp towards 1.3660.
Technical Levels
Resistance levels
R1: 1.3299
R2: 1.3379
R3: 1.3578
Pivot
1.3181
Support Levels
S1: 1.2783
S2: 1.2982
S3: 1.31
Trade Signal
Remain long towards 1.3660
We're long with the first target at 1.3477
23 November 2017, GBP/USD
Wave Analysis:
During the previous trading day, we saw an extension of the impulsive wave (1) as previously forecasted. Today, we expect a possible bullish price rally towards 1.3477 or even higher. If you're a bit skeptic to buy this pair now, you could wait and buy the impulsive wave (3) with your target at 1.4198. If the price violates the daily resistance line 1.3477, then its good to wait for a pullback to the just broken line to buy this pair with your target as set before, 1.4198. This pair should be traded alongside GBPAUD, EURUSD, NZDUSD, GBPCHF and GBPNZD. These pairs have a strong positive correlation and will move in the same direction today.
Trade Recommendations:
We're long with the first target at 1.3477 and the next target at 1.4198.
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