18 April 2017, GBP/USD
Technical Observation:
GBPUSD is expected to trade on the higher ranges. After breaking above 1.2526, the price retraced back to retest the same retracement zone 1.2526-1.2552 and could not breach below it. From the Hourly chart, this was the best place to long the pound towards 1.2741. My advice is to hold onto the buy position opened around 1.2554 with your TP at 1.295, abreak above this line will imply streaching your TP towards 1.300, but should not extend beyond 1.330. Your Stop loss should be fixed below the recent lowest low 1.2509.
Technical levels:
Resistance levels
R1: 1.2598
R2: 1.263
R3: 1.2696
Pivot Point
1.2564
Support Levels
S1: 1.2432
S2: 1.2498
S3: 1.2532
Trade Signal
Long GBP towards 1.279