20 July 2017, GBP/USD
Technical Observations
July 18th, Gbp broke out below the hourly support line 1.3051 with a big red candle. However, instead of continuing, Gbp is consolidating within an ascending channel. I'm patiently waiting for either a rejection from 1.3051 or a break below the lower trend line acting as the bottom of this channel to short Gbp towards the support line 1.2914. On the hourly chart above, 1.3051 is a key resistance line and if price can pullback to it, then this will be an ideal place to pick a short positions. However if its breached to the upper side with a big green candle, then an opposite rally should follow, that is a rise towards the weekly resistance line 1.3306. My advice look for short positions around 1.3051 with your take profit at 1.2914.
Technical levels:
Resistance levels
R1: 1.3048
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