Further decline towards 1.2152 | 26 June 2017

26 June 2017, GBP/USD

Further decline towards 1.2152

Technical Observation

On the weekly chart above, Gbp is currently trading within a rising wedge. Following the rejection from the resistance line 1.2915, I expect breakout below the lower trendline acting as a support to the rising wedge to short Gbp. If this is the case, then I'll wait for a pullback to the just broken trend line to short Gbp towards the support 1.2152. If this should be the case, then I expect further decline towards 1.1531.

Technical levels:

Resistance levels

R1: 1.2744

R2: 1.2769

R3: 1.2817

Pivot Point

1.272

Support Levels

S1: 1.2623

S2: 1.2671
S3: 1.2695
Trade Signal
Further decline towards 1.2152

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Imelda Maseno
Analyst of «FreshForex» company
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