18 Agustus 2017, GBP/USD
Technical Observation
Following the breakout below the support line 1.2711, Gbp continues to consolidate below this zone despite the expectations that should fall. This is just a retracement happening in form of a consolidation and unless there's a clear bullish breach above 1.2711, I expect a rejection from 1.2711 to short gbp towards 1.2745, if this support is broken, then the price could fall even further towards 1.2752. On the 4 hour chart above, Short positions still look more ideal an can safely be recommended especially around 1.2711.
Technical levels:
Resistance levels
R3:1.3081
R2:1.3044
R1:1.3019
Pivot
1.2971
Support Levels
S1:1.2952
S2:1.2922
S3:1.2898
Trade Signal
Short Gbparound 1.2911 towards 1.2752