11 Juli 2017, GBP/USD
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