Wait for retracement at the zone (1.3505-1.3494 ) | 09 January 2018

09 January 2018, GBP/USD

Wait for retracement at the zone (1.3505-1.3494 )

Technical observation

In the previous hours GBP has been has been trading on an upward trend. Recently price retraced twice at a key zone(1.3505-1.3494) and is currently rallying towards a key line 1.3604, I expect a rejection of the price at the key line to retrace to the key zone then enter into long position with my take profit at 1.3604and my stop loss slightly below 1.3494).in case price above the key line, wait for a retracement to the line to long GBP towards 1.3635 but in case price breaks below the key zone, wait for a retracement to the key zone to confirm the price is on a bearish trend then short GBP.

Technical levels

R1.1.3586

R2.1.359

R3.1.3602

Pivot

1.3579

Support levels

S1.1.3574

S2.1.3566

S3.1.3554

Trade signal

Wait for a retracement to the key zone (1.3505-1.3494) then buy GBP with your take profit 1.3604 and stop loss slightly below 1.3494

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Imelda Maseno
Analyst of «FreshForex» company
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