Short GBP towards the lowertrendline | 22 May 2017
22 May 2017, GBP/USD
Technical Observation:
Recently GBP entered into an ascending channel and is still rallying within it. While this pair remains within this channel, I only look for potential reversal places to buy or sell depending on the direction of the reversal, a clear breakout will call for breakout trading. On the 4 Hour chart above, I expect a reversal from the upper trend line to short GBP toward the lower trend line.
Technical levels:
Resistance levels
R1: 1.3032
R2: 1.312
R3: 1.328
Pivot Point
1.296
Support Levels
S1: 1.264
S2: 1.28
S3: 1.2872
Trade Signal
Short GBP towards the lower trend line..
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.
