Technical Analysis Based on Breakout – Short GBP around 1.2765 towards 1.2648.

GBPUSD – Flat Technical Observation GBP is trading slightly above it’s daily pivot line 1.2717 but below a key daily resistance line 1.2765. Recently, a false breakout was seen when GBP rose above this resistance line but again plunged below it almost 8 hours later. Unless 1.2717 is clear breached to the upper side with a big green candle, I expect a decline towards 1.2648. The formation of doji below 1.2765 is a clear sign that bulls may no longer be having the momentum to control the market. On the 4 hour chart above, wait for a pullback towards 1.2765 to short GBP towards 1.2648. Alternatively, you could place a pending sell limit order at 1.2765 with SL slightly above the immediate highest high 1.2825 and TP at 1.2648. Technical levels: Resistance levels R1: 1.279 R2: 1.2831 R3: 1.2947 Pivot Point 1.2717 Support Levels S1: 1.2486 S2: 1.2601 S3: 1.267 Trade Signal Wait for a pullback towards 1.2765 then short GBP towards 1.2648.
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