23 June 2017, GBP/USD
Technical Observation
Just as stated on the other day's forecast. GBP broke above 1.2648, retraced back to it but is currently on its way to the upper side. I expect a rise towards the resistance line 1.2765 and a even a breakout to the upper side. But unless 1.2765 is clearly breached to the upper side with a big green candle, I expect a rejection 1.2765 to short GBP towards 1.2555. On the 4 hour chart above, I'm waiting for a break above the short term resistance line 1.2702 to confirm a bullish move towards 1.2765.
Technical levels:
Resistance levels
R1: 1.2729
R2: 1.2781
R3: 1.2902
Pivot Point
1.2659
Support Levels
S1: 1.2416
S2: 1.2538
S3: 1.2607
Trade Signal.
I expect a rise towards 1.2765