19 Januari 2018, GBP/USD
Technical observation
After hours of rising steadily, GBP is currently rallying above a support line 1.3760 and is now approaching 1.3941.I expect a rejection from the line followed by a retracement to 1.3760 to rebuy GBP towards 1.3941, I also expect price to continue further up and even break out above the upper resistance line 1.3760 to continue with the upward momentum. If price goes below the line 1.3760 then I’ll wait for a retracement to it before I short GBP towards 1.3506 or even lower to 1.3308 if the line is broken. The key lines to look for on this chart include, 1.3941, 1.3760,1.3506 and 1.3308.
Technical levels
Resistance levels
R1.1.3848
R2.1.3833
R3.1.3826
Pivot
1.3821
Support levels
S1.1.3811
S2.1.3804
S3.1.379
Trade signal
Wait for a retracement to 1.3760 to rebuy GBP with your take profit at 1.3941,and stop loss slightly below 1.3760