26 Juli 2017, GBP/USD
Technical Observation
Gbp is currently trading slightly below it's daily pivot line 1.3041 but above a key daily support line 1.2752. Despite m,y expectations that Gbp could rise towards 1.3461, the price continues to rally around a short term resistance line 1.306. I'm waiting for a clear breakout above this line to long Gbp with may previous target still intact at 1.3461. On the daily chart above, long positions looks more ideal and can be recommended while the price remains above 1.2752. Short positions can only be recommended below 1.2752 or on a reversal from 1.3461.
Technical levels:
Resistance levels
R1: 1.3074
R2: 1.3117