Remain long towards 1.3856 | 18 September 2017

18 September 2017, GBP/USD

Remain long towards 1.3856
Technical Observation:
Following the bullish pin bar seen four weeks ago, Gbp has been in a constant up trend and broke above my weekly take profit set at 1.3323. This is a strong bullish indication and signals that the price could rise towards the next key line 1.3456. As it is, Gbp is very bullish and therefore, selling it is very risk and cannot be recommended. That said, unless you’re a short term trader, you should not short Gbp. Selling it will mean you’re selling a retracement rally but your take profit must not be below 1.3323. If you did long Gbp around 1.2766, you could wait for a retracement towards 1.3323 to pick a long position with your take profit at 1.3856, if you went long, you could leave this position open towards 1.3856.
Technical levels:
Resistance levels
R1: 1.3333
R2: 1.338
R3: 1.3508
Pivot
1.3555
Support Levels
S1: 1.2995
S2: 1.3123
S3: 1.3205
Trade Recommendation:
Remain long towards 1.3856

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Imelda Maseno
Analyst of «FreshForex» company
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