Upon gaping below 1.2762, yesterday, GBP retraced for the second time to this resistance, 1.2762, but go rejected. I went short following the second rejection and is still holding onto this position. I expect a breakout below 1.2634 to confirm a continuation of this bearish move towards 1.2555. On the 4 hour chart above, a minor bullish pullback can be seen but should not rise above 1.2718. At the moment, buy positions seems risky and may not be recommended.
Technical levels:
Resistance levels
R1: 1.2751
R2: 1.2826
R3: 1.2956
Pivot Point
1.2695
Support Levels
S1: 1.2433:
S2: 1.2564
S3: 1.262
Trade Signal
Still short towards 1.2555
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.
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Imelda Maseno
Analyst of «FreshForex» company
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