Short towards the lower trendline | 24 May 2017
24 May 2017, GBP/USD
Technical Observation:
GBP is still rallying within the rising channel. Unless this channel is clearly breached either to the upper or lower side, I only trade reversals. A breakout below the lower trend line will call for breakout trading towards 1.2768. On the 4 Hour chart above, I expect a bearish move towards the lower trend line and a possible breakout to the lower side.
Technical levels: Resistance levels
R2: 1.2784
R3: 1.2789
Pivot Point 1.2983
Support Levels
S1: 1.277S2: 1.2774
S3: 1.2778
Trade Signal Short GBP towards the lower trendline.
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.
