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Wait and sell GBP around 1.2765

Wait and sell GBP around 1.2765 | 20 June 2017

20 June 2017, GBP/USD

Wait and sell GBP around 1.2765
Technical Observation
Recently, a second false breakout was seen when GBP rose above 1.2765 but failed to sustain this breakout. Unless the resistance line 1.2765 is clearly breached with a big green candle, I expect a decline towards 1.2648 and could breakout lower. On the 4 hour chart above, short positions looks more lucrative that buy positions. However, if price can clearly breakout above 1.2765, then buy positions can be reconsidered towards 1.2965. On the same chart above, the price may pullback towards 1.2765 before picking a momentum to the lower side, thus, one could wait for this pullback then short GBP around 1.2765.
Technical levels:
Resistance levels
R1: 1.2794
R2: 1.285
R3: 1.2942
Pivot Point
1.2759
Support Levels
S1: 1.2576
S2: 1.2667
S3: 1.2702
Trade Signal
Wait for a pullback towards 1.2765 then short GBP towards 1.2648

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Imelda Maseno
Analyst of «FreshForex» company
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