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
R1:1.2881
R2: 1.2943
R3: 1.3087
Pivot
1.2992
Support Levels
S1: 1.2512
S2: 1.2656
S3: 1.2737
Trade Signal
Wait for a breakout above 1.3023 to long Gbp towards 1.3312
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