Short Gbp towards 1.2810 | 11 Juli 2017

11 Juli 2017, GBP/USD

Short Gbp towards 1.2810

Technical Observation

Recently, Gbp retraced slightly to the upperside after breaking below the support line 1.2921 but failed to pullback perfectly to the just broken line. Gbp then entred into a falling wedge and is still within it. Unless this wedge is clearly broken to the upperside and most importantly a break above 1.2921, I expect a decline in price towards the support line 1.2810. If 1.2810 is broken, then I expect further decline towards 1.2747. Buy positions can only be rommended upon a rejection from either 1.2810, 1.2747 or on a break above 1.2921. My advice, if you went short on the slight pullback towards 1.2921, leave this position open towards 1.2810.

Technical levels:

Resistance levels

R1: 1.2908

R2: 1.2935
R3: 1.2989
Pivot
1.2881
Support Levels
S1: 1.2773
S2: 1.2827
S3: 1.2854
Trade Signal
Short Gbp towards 1.2810

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Imelda Maseno
Analyst of «FreshForex» company
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