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Intraday traders should look for a short position around 1.3400.

Intraday traders should look for a short position around 1.3400. | 26 September 2017

26 September 2017, GBP/USD

Intraday traders should look for a short position around 1.3400.
Technical Observation
Recently, instead of a rejection 1.3400, Gbp went slightly to the upperside before breaking below 1.3400 with a big red candle. Now that the price is below this line, I'm waiting for a rejection from this line to short Gbp towards 1.3395. If the price gets back above 1.3400, than I may consider a long position towards 1.3593. A bearish positions looks good only on the hourly and the 4 hour charts, if you look at the higher time frames, daily and weekly, Gbp could still rise come next week towards 1.3600 or even higher
Technical levels:
Resistance levels
R1: 1.3625
R2: 1.3746
R3: 1.3954
Pivot
1.3530
Support Levels
S1: 1.3123
S2: 1.3331
S3: 1.3417
Trade Signal
Intraday traders should look for a short position around 1.3400.

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Imelda Maseno
Analyst of «FreshForex» company
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