12 Juli 2017, GBP/USD
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