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GBP/USD BUY - 17/10/2017

Long
OANDA:GBPUSD   British Pound / U.S. Dollar

Yesterday the Pound corrected down and tested the support level of 1.3225 - 1.3254, in which fairly large volume is concentrated. The fall of the price was quite sharp, but on medium volume, so there is simply no way to single out new volume level. Thus, before the breakdown of the support we should give preference to long positions for this currency pair. BUY can be opened after the price rises from the support level. Ideally, it should be a strong bullish impulse. A stop loss should be placed under the support level with a small margin. The growth potential is about 150 points. If the price breaks through this level, then it's worth to be out of the market. Short positions can be considered only after the breakdown of the level of 1.3137.

The bottom line: long positions are still in priority.
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