Bears in control below 1.2648 | 21 June 2017

21 June 2017, GBP/USD

Technical Observation

Following the two false breakouts above 1.1265, GBP plunged further down thereby breaking below a short term support line 1.2648. I'm waiting for minor pullbacks to the just broken support line to short GBP towards 1.2350. On the 4 hour chart above, a short position around 1.2648 looks more ideal and can be recommended. My advice, wait and short GBP upon a clear retracement towards 1.2648.

Technical levels:

Resistance levels

R1: 1.2794

R2: 1.285

R3: 1.2942

Pivot Point

1.2760

Support Levels

S1: 1.2576

S2: 1.2667

S3: 1.2702

Trade Signal

Short GBP around 1.2648 towards 1.2350

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.

Anjara

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Imelda Maseno

Analyst of «FreshForex» company

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