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Wait for a pullback towards 1.2747 to short GBP towards 1.2567

Wait for a pullback towards 1.2747 to short GBP towards 1.2567 | 09 June 2017

09 June 2017, GBP/USD

Wait for a pullback towards 1.2747 to short GBP towards 1.2567

Technical Observation
Following the release of the UK's Elections, GBP gaped below the ascending channel and even below a key daily support line 1.2747. This is a clear bearish dominance signal, and unless there's a clear bullish breach above this support line with a big green candle, i expect a retracement towards this support line, then a decline towards 1.2567. On the 4 hour chart above, sell positions seems more ideal but only after a retracement to the just broken line
Technical levels:
Resistance levels
R1: 1.2909
R2: 1.3075
R3: 1.3337
Pivot Point
1.2812
Support Levels
S1: 1.2287
S2: 1.255
S3: 1.2647
Trade Signal
Wait for a pullback towards 1.2747 to short GBP towards 1.2567

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Imelda Maseno
Analyst of «FreshForex» company
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