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Short Gbp around 1.2911 towards 1.2752

Short Gbp around 1.2911 towards 1.2752 | 18 August 2017

18 August 2017, GBP/USD

Short Gbp around 1.2911 towards 1.2752

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

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Imelda Maseno
Analyst of «FreshForex» company
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