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Wait and sell Gbp around 1.2842.

Wait and sell Gbp around 1.2842. | 23 August 2017

23 August 2017, GBP/USD

Wait and sell Gbp around 1.2842.
Technical Obsevertion:
Recently, Gbp broke out below the rising wedge, headed short and even broke below the next support line 1.2842. This is a bearish signal and since the first retracement to the just broken line was an inside bar candle, I expect the price to pullback to this line for the second time to pick a short position. On the 4 hour chart above, short positions looks more ideal and can be recommended. My advice, wait for a pullback towards 1.2842 and pick a short position here.
Technical levels:
Resistance levels
R31.29810
R21.29451
R11.28825
Pivot
1.28466
Support Levels
S11.27840
S21.27481
S31.26855
Trade Signal
Wait and sell Gbp around 1.2842.

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Imelda Maseno
Analyst of «FreshForex» company
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