Buy on a clear breakout above 1.2963 | 08 June 2017
08 June 2017, GBP/USD
Technical Observation
Nothing has changed much since the previous forecast, GBP has remained confined within the rising wedge since May 25th but is currently rallying around a key resistance line 1.2963. I expect a move to the upper side only after a clear breakout above 1.2963, and a retracement to the just broken line. However, while the immediate resistance line contains the price below 1.2963, I expect a reversal from this line to short GBP towards 1.2747. On the hourly chart above, I expect reversal to short GBP
Technical levels:
Resistance levels
R1: 1.2952R2: 1.3013
R3: 1.3165
Pivot Point
1.2861
Support Levels
S1: 1.2556S2: 1.2708
S3: 1.28
Trade Signal
Waiting for a reversal from 1.2963 to short GBP towards 1.2747
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.
