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Bulls failed to defend the break above 1.3039

Bulls failed to defend the break above 1.3039 | 24 July 2017

24 July 2017, GBP/USD

Bulls failed to defend the break above 1.3039

Technical Observation

Despite the previous forecast that Gbp could defend the rise above the weekly resistance line 1.3039, instead, Gbp failed to sustain this breakout and now right below it. Despite this drop, gbp is still bullish especially on the weekly chart, in fact, the previous week's candle is a bullish inside bar, meaning the price could trade even higher; but only after a break above 1.3039, should this be the case, then the price could still rise further towards 1.3461. On the daily chart, I'm waiting for a second attempt break above 1.3039 to pick a long position

Technical levels:

Resistance levels

R1: 1.2983

R2: 1.3082
R3: 1.324
Pivot
1.2925
Support Levels
S1: 1.2609
S2: 1.2767
S3: 1.2825
Trade Signal
Wait for a breakout above 1.3039 to buy Gbp towards 1.3461

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Imelda Maseno
Analyst of «FreshForex» company
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