Technical Analysis Based on Breakout – Bullish towards 1.2971


GBPUSD - Flat Technical Observation Just recently, a bullish breakout was seen when Gbp rose above the hourly resistance line 1.2921, retraced back it back failed to penetrade below. I went long following the second pullback to this line and is still holding on. My expectation is that price should rise towards the next resistance line 1.2971. If 1.2971 is broken upwards, then a rally towards 1.3025 is likely. On the hourly chart above, long positions look more ideal and can be recommeded especially while price remain above 1.2921. If the support line 1.2921 can be broken to the lowerside with a big red candle, then I may consider a short position towards 1.2810. Alteranatively, you may consider a short position upon a reversal from 1.2971. Technical levels: Resistance levels R1: 1.2906 R2: 1.2966 R3: 1.3062 Pivot 1.2869 Support Levels S1: 1.2675 S2: 1.2772 S3: 1.281 Trade Signal Long Gbp towards 1.2971
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