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Short towards the lower trendline

Short towards the lower trendline | 24 May 2017

24 May 2017, GBP/USD

Short towards the lower trendline
Technical Observation:
GBP is still rallying within the rising channel. Unless this channel is clearly breached either to the upper or lower side, I only trade reversals. A breakout below the lower trend line will call for breakout trading towards 1.2768. On the 4 Hour chart above, I expect a bearish move towards the lower trend line and a possible breakout to the lower side.
Technical levels: Resistance levels
R1: 1.2782
R2: 1.2784
R3: 1.2789
Pivot Point 1.2983
Support Levels
S1: 1.277
S2: 1.2774
S3: 1.2778
Trade Signal Short GBP towards the lower trendline.

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Imelda Maseno
Analyst of «FreshForex» company
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