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Short below 1.3307 towards 1.2721

Short below 1.3307 towards 1.2721 | 20 October 2017

20 October 2017, GBP/USD

Short below 1.3307 towards 1.2721
Technical Observation:
After the insider bar seen last week, Gbp could not go beyond 1.3307, following the rejection from 1.3307, we're short towards 1.2723. Unless the price clearly breaks above 1.3307 with a big red candle, I expect a bearish rally towards 1.2721 or even lower. If the price should break above 1.3307, then I'll be waiting for a bullish continuation candle to continue long towards 1.4860 or even higher. as it is, only a short position can be recommended towards 1.2721 and the next take profit at 1.2158.
Technical Levels
Resistance levels
R1: 1.3235
R3: 1.3262
R3: 1.3336
Pivot
1.3187
Support Levels
S1: 1.3038
S2: 1.3113
S3: 1.316
Trade Signal
Short below 1.3307 towards 1.2721

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Imelda Maseno
Analyst of «FreshForex» company
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