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Remain flat

Remain flat | 31 January 2018

31 January 2018, GBP/USD

Remain flat

Technical observation

On the 4H chart above,GBP while on an upward trend retraced at a support zone (1.3943-1.3925),price then rose up to 1.4344 and could not rise beyond the line it got rejected at it and is currently rallying towards the support zone. I expect a possible rejection at the zone to rebuy the pair with my ideal target at 1.4344, in case price breaks below the zone then I advise you wait for a pull back to the zone before you enter short positions with your first take profit at 1.3761 and the next at 1.3491.Right now if you had not entered a trade I would advise you remain flat and wait for a correction to the zone.

Technical levels

Resistance levels

R1.1.4159

R2.1.4172

R3.1.4196

Pivot

1.4150

Support levels

S1.1.4135

S2.1.4124

S3.1.41

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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