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Short GBP around 1.2747 towards 1.2555

Short GBP around 1.2747 towards 1.2555 | 12 June 2017

12 June 2017, GBP/USD

Short GBP around 1.2747 towards 1.2555

Technical Observation

Following the gap below 1.2747, I went short following the second retracement to the just broken daily key line 1.2747 and is still holding onto this position. On the 4 Hour chart above, Unless this line is clearly breached with a big red candle, I expect a decline towards 1.2555. If you din't go short on the first retracement to the same line, wait for a pullback to the same line to short GBP towards 1.2555.
Technical levels:
Resistance levels
R1: 1.2928
R2: 1.2945
R3: 1.3052
Pivot Point
1.2880
Support Levels
S1: 1.2708
S2: 1.2794
S3: 1.2841
Trade Signal
Short towards 1.2555

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Imelda Maseno
Analyst of «FreshForex» company
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