After a spike to the upper side on Wednesday, Gbp pullback lower the other day but is still above the 4 hour resistance 1.3300. While the price is above this line, I expect an acceleration towards 1.3630 or even higher. As is it on the daily chart above, only a long position can be advised. Intraday traders should therefore be looking for a long position around 1.3300 with their target at 1.3630. Should the price descend below 1.3300, then I expect a decline towards 1.2840.
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
Long Gbp at 1.3300 with your take profit at 1.3630
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