Looking for long positions towards 1.3327 | 25 July 2017

Technical Observation

According to the weekly chart above, Gbp is within an ascending wedge formation. I expect further ascend towards the weekly Resistance line 1.3375 and may break above. However, unless this line is clearly breached to the upper side with a big green candle, I expect a rejection from this line to short Gbp towards 1.2131. A breakout above will mean waiting for a pullback to the just broken line to long Gbp towards the next resistance line 1.4662. A key short-term resistance line can be seen around 1.3070, if it can be broken clearly, then this will act as a confirmation that the price could rise towards 1.3327.

Technical levels:

Resistance levels

R1: 1.2983