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Long within the rising channel

Long within the rising channel | 19 May 2017

19 May 2017, GBP/USD

Long within the rising channel
Technical Observation:
Recently, GBP entered into a range only rallying within the rising wedge. On the 4 Hour chart above, buy positions seems lucrative within the rising channel, however, any clear bearish breach below the lower trend line will signify a breakout and may push the price lower. My advice, unless there's a clear bearish breach below the lower trend line, remain long, a breach below this trend line will push the price to the lowerside..
Technical levels: Resistance levels
R1: 1.2958
R2: 1.2961
R3: 1.297
Pivot Point 1.2953
Support Levels
S1: 1.2936
S2: 1.2944
S3: 1.2949
Trade Signal Long towards 1.3489

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Imelda Maseno
Analyst of «FreshForex» company
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