Look for short positions towards 1.288 | 22 August 2017
22 August 2017, GBP/USD
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
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.
