21 Juli 2017, GBP/USD
Technical Observations
Gbp has crossed below a key daily support line 1.3010 despite my projections that the price would rise towards the weekly resistance line 1.3306. While price is below the now support line 1.3010 I maintain a bearish bias in the short run. However, if price rise above 1.3010 by the end of today, then traders maintaining bullish bias on this pair, should extend their projections towards the weekly resistance line 1.3306. On the weekly chart above, I would advice position traders to remain flat temporarily and wait for this bearish price rally to end then buy Gbp towards 1.3306
Technical levels:
Resistance levels
R1: 1.3048