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Buy on a clear breakout above 1.2963

Buy on a clear breakout above 1.2963 | 08 June 2017

08 June 2017, GBP/USD

Buy on a clear breakout above 1.2963
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: 1.2952
R2: 1.3013
R3: 1.3165
Pivot Point
1.2861
Support Levels
S1: 1.2556
S2: 1.2708
S3: 1.28
Trade Signal
Waiting for a reversal from 1.2963 to short GBP towards 1.2747

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Imelda Maseno
Analyst of «FreshForex» company
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