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Short GBP towards the lowertrendline

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..

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Imelda Maseno
Analyst of «FreshForex» company
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