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Only buy Gbp upon a clear breakout above 1.2975

Only buy Gbp upon a clear breakout above 1.2975 | 07 July 2017

07 July 2017, GBP/USD

Only buy Gbp upon a clear breakout above 1.2975

Technical Observation

Recently, a false breakout was seen when Gbp broke below 1.2922 and instead of continuation short as said earlier, the price merely tested this line but failed to sustain this breakout. As at the moment, I'm only waiting for a clear breakout above the hourly resistance line 1.2975 to long Gbp towards 1.3023. Unless 1.2975 is clearly broken to the upper side, I expect a rally downwards towards 1.2922. On the hourly chart above, long positions looks more ideal upon a breakout above 1.2975 or on a rejection from 1.2922.
Technical levels:
Resistance levels
R1: 1.2994
R2: 1.3019
R3: 1.3079
Pivot
1.2959
Support Levels
S1: 1.2838
S2: 1.2898
S3: 1.2933

Trade Signal

Wait for a breakout above 1.2975 to long Gbp towards 1.3023

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Imelda Maseno
Analyst of «FreshForex» company
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