Long positions only ideal upon a breakout above 1.3044 | 23 May 2017

23 May 2017, GBP/USD

Technical Observation

GBP continues to rally within the rising channel and yet to breakout above the resistance line 1.3044. While still within this channel, trading reversals seems ideal, however, a breakout above 1.3044 will call for breakout trading towards 1.3489. On the 4 Hour chart above, following the rejection from 1.3044, I expect a bearish move towards the lower trend line.

Technical levels:

Resistance levels

R1: 1.3101

R2: 1.3166

R3: 1.3348

Pivot Point

1.2983

Support Levels

S1: 1.2618

S2: 1.2801

S3: 1.2919

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.

Anjara

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Imelda Maseno

Analyst of «FreshForex» company

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