21 June 2017, GBP/USD
Technical Observation
Following the two false breakouts above 1.1265, GBP plunged further down thereby breaking below a short term support line 1.2648. I'm waiting for minor pullbacks to the just broken support line to short GBP towards 1.2350. On the 4 hour chart above, a short position around 1.2648 looks more ideal and can be recommended. My advice, wait and short GBP upon a clear retracement towards 1.2648.
Technical levels:
Resistance levels
R1: 1.2794
R2: 1.285
R3: 1.2942
Pivot Point
1.2760
Support Levels
S1: 1.2576
S2: 1.2667
S3: 1.2702
Trade Signal
Short GBP around 1.2648 towards 1.2350