Wait for a break below 1.2432 | 13 June 2017

13 June 2017, GBP/USD

Wait for a break below 1.2432
Technical Observation
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

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Imelda Maseno
Analyst of «FreshForex» company
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