A decline towards 1.2810 still expected | 12 Juli 2017

12 Juli 2017, GBP/USD

A decline towards 1.2810 still expected

Technical Observation

Recently, Gbp broke out below the support line 1.2921 bur retraced back to it yesterday. I went short following this pullback and is still holding onto this position. My expectations is that price should decline further towards the next support line 1.2810. Should this be broken, then I'll wait for a pullback to the just broken line to short Gbp again towards 1.2555. On the hourly chart above, short positions seems more ideal and can be recommended towards 1.2810 or on a breakout below 1.2810. If you didn't go short on the pullback towards 1.2921, you could wait and short Gbp upon a breakout below 1.2810.

Technical levels:

Resistance levels

R1: 1.2908

R2: 1.2935
R3: 1.2989
Pivot
1.2885
Support Levels
S1: 1.2773
S2: 1.2827
S3: 1.2854
Trade Signal
Conservative traders should wait for a breakout below 1.2810 to short Gbp towards 1.2555

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Imelda Maseno
Analyst of «FreshForex» company
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