14 Agustus 2017, GBP/USD
Technical Observation
On Friday the 11th, a bullish breakout was seen when Gbp rose above the hourly resistance line 1.3012, and instead of continuing upwards. Gbp continues to consolidate above this line and is yet to pick a momentum to the upper side. I expect the a bounce from 1.3012 to long this pair. According to the hourly chart above, long positions seems more ideal and can be recommended compared to short positions. However, if the price can get back below 1.3012 again, then I may Consider a short position towards 1.2955.
Technical levels:
Resistance levels
R3:1.30728
R2:1.30444
R1:1.30085
Pivot
1.29815
Support Levels
S1:1.29442
S2:1.29158
S3:1.28799
Trade Signal
Long Gbp around 1.3012 towards 1.3058