01 Mei 2018, GBP/USD
Technical observation
The pair on the daily chart above is trading on an upward trend, on its way up price has been retracing at a key support zone 1.3783-1.3752 ,it has touched this zone four times and in all these times has not been able to penetrate below it making it a key support zone. Currently price is within it and I expect a rejection of it for possible bullish momentum towards the resistance line 1.4701 and a breakout above it for a further rise in price. You can buy GBPUSD now with your take profit at 1.4701 and stop loss around 1.3569.In case of a breakout above 1.4701, remain long after the second retracement to it.
Technical levels
Resistance levels
R1.1.3894
R2.1.4008
R3.1.4195
Pivot
1.3821
Support levels
S1.1.3707
S2.1.3634
S3.1.3446
Trade signal
Buy GBP now with your take profit at 1.4701 and stop loss around 1.3569.