Consolidating upwards | 30 June 2017
30 June 2017, GBP/USD
Technical Observation
Recently, Gbp entered into a steep rising channel and is still confined within it. Due to the nature of this channel, there's a likelihood that Gbp could break below it in the nearest future, thus, although I expect a move to the upper side, a break below the lower trend line will trigger a short position towards 1.2919. On the hourly chart above, I still expect a move upwards especially after a breakout above 1.3023.
Technical levels:
Resistance levels
R1:1.2881R2: 1.2943
R3: 1.3087
Pivot
1.2992
Support Levels
S2: 1.2656
S3: 1.2737
Trade Signal
Wait for a breakout above 1.3023 to long Gbp towards 1.3312
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.
