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Consider short positions towards 1.2768

Consider short positions towards 1.2768 | 26 May 2017

26 May 2017, GBP/USD

Consider short positions towards 1.2768
Technical Observation
Recently, GBP broke out below the lower trend line acting as the bottom of the rising channel and is currently rallying below it. This breakout is a sign that bears are in complete dominance and that the price could drop further towards 1.2768. On the 4 Hour chart above, I expect a minor pullback to thge upperside then a decline towards 1.2768. My advice, consider short positions towards 1.2768.
Technical levels:
Resistance levels
R1: 1.2894
R2: 1.2898
R3: 1.2908
Pivot Point
1.2888
Support Levels
S1: 1.2869
S2: 1.2879
S3: 1.2884
Trade Signal
Consider short positions towards 1.2768

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Imelda Maseno
Analyst of «FreshForex» company
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