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Waiting for a break below the neckline

Waiting for a break below the neckline | 04 July 2017

04 July 2017, GBP/USD

Technical Observation

Recently, Gbp formed a double top when price rose towards the hourly resistance line 1.3023 but failed to penetrate above. I expect the price to have formed a double top around 1.3023 that if the price can break below the neckline, 1.2923, then it it fall the same number of pips it rose upon breaking above the neckline. On the hourly chart above, short positions seems more ideal upon a clear breakout below 1.2922 with a take profit at 1.2819.
Technical levels:
Resistance levels
R1: 1.2954
R2: 1.2957
R3: 1.2966
Pivot
1.2949
Support Levels
S1: 1.2931
S2: 1.294
S3: 1.2946
Trade Signal
Wait for a break below 1.2922 to short Gbp towards 1.2819

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Imelda Maseno
Analyst of «FreshForex» company
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