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Look for short positions towards 1.288

Look for short positions towards 1.288 | 22 August 2017

22 August 2017, GBP/USD

Look for short positions towards 1.288
Technical Observation
Since August 16th Until now, Gbp entered into a rising wedge and is still rallying inside it. I expect this rally to be a retracement movements and should be contained within the upper trend line acting as the top of the wedge. If this resistance trend line is broken, then I expect further rise towards 1.2964. However, while the price is still within this wedge, I choose to remain flat and wait for a break below the wedge to short Gbp towards 1.28. My advice, wait for break below the wedge to short gbp towards 1.28.
Technical levels:
Resistance levels
R3:1.3081
R2:1.3050
R1:1.3020
Pivot
1.2914
Support Levels
S1:1.2924
S2:1.2935
S3:1.2825
Trade Signal
Wait for a break below the wedge to short Gbp towards 1.28

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Imelda Maseno
Analyst of «FreshForex» company
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