Corrections | 10 July 2017
10 July 2017, GBP/USD
Technical Observation:
Recently, a bearish breakout was seen when the price declined below the short term support line 1.2921. I still expect further decline but only after a proper pullback towards 1.2921. That is, although, I expect a momentum downwards, I choose to wait for a pullback to the just broken line to short Gbp towards the next key support line 1.2810. On the 4 hour chart above, short positions looks more ideal and can be recommended unless 1.2921 is clearly broken to the upper side with a big green candle. But as it is, I'm only interested in short positions especially around 1.2921 with my Stop loss slightly above the recent highest high.
Technical levels:
Resistance levels
R1: 1.1523
R2: 1.1621
R3: 1.1895
Pivot
1.1349
Support Levels
S1: 1.0799
S2: 1.1073
S3: 1.1249
Trade Signal
Look for short positions towards 1.2810
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
