Long positions only ideal upon a breakout above 1.3044 | 23 May 2017

23 May 2017, GBP/USD

Technical Observation
GBP continues to rally within the rising channel and yet to breakout above the resistance line 1.3044. While still within this channel, trading reversals seems ideal, however, a breakout above 1.3044 will call for breakout trading towards 1.3489. On the 4 Hour chart above, following the rejection from 1.3044, I expect a bearish move towards the lower trend line.
Technical levels:
Resistance levels
R1: 1.3101
R2: 1.3166
R3: 1.3348
Pivot Point
1.2983
Support Levels
S1: 1.2618
S2: 1.2801
S3: 1.2919
Trade Signal
Short GBP towards the lower trend line.

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Imelda Maseno
Analyst of «FreshForex» company
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