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Remain short

Remain short | 30 October 2017

30 October 2017, GBP/USD

Remain short
Technical Observation:
Gbp continues to drop in price despite the previous analysis that it should rise. I expect the downward rally that began last two weeks to continue towards 1.2849, where I'll be looking for a buy position. On the way downwards, the key lines to check for rejections include 1.3037, 1.2748 and 1.2624. If these lines are breached, the price will continue to drop in price towards 1.21472 On the other side, if the price fails to go below 1.3060, then I expect a rally towards 1.3597
Technical Levels
Resistance levels
R1: 1.3235
R3: 1.3262
R3: 1.3336
Pivot
1.3189
Support Levels
S1: 1.3038
S2: 1.3113
S3: 1.316
Trade Signal
Remain short

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Imelda Maseno
Analyst of «FreshForex» company
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