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Short GBP around 1.2768

Short GBP around 1.2768 | 22 June 2017

22 June 2017, GBP/USD

Short GBP around 1.2768
Technical Observation
Instead of continuing short below 1.2648, GBP retraced higher and even broke above this short term resistance line. Unless this line contains the price to the upper side I expect a rise towards 1.2768, a breach below may mean the price could drop further towards 1.2555. On the 4 hour chart above, 1.2768 is the best place to short GBP with your stop loss slightly above 1.2829. My advice, wait for a rise towards the resistance line 1.2768 then short GBP upon a rejection from it.
Technical levels:
Resistance levels
R1: 1.2728
R2: 1.278
R3: 1.2901
Pivot Point
1.2658
Support Levels
S1: 1.2415
S2: 1.2537
S3: 1.2606

Trade Signal

Wait and sell GBP around 1.2768

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Imelda Maseno
Analyst of «FreshForex» company
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