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Wait for a correction to (1.4072-1.4023)

Wait for a correction to (1.4072-1.4023) | 14 February 2018

14 February 2018, GBP/USD

Wait for a correction to (1.4072-1.4023)

Technical observation

The pair on the daily chart above recently broke down below a support zone (1.4072-1.4023) with a big red candle, The pair was then corrected to the zone with a bullish pin bar tail then price went down, right now GBPUSD is pulling back to the resistance zone and I expect a possible rejection of it at the zone and further decline In price towards 1.3786 and if this key line gets broken too then I expect price to continue down to 1.3304 or even lower to 1.3049.right now only short positions look ideal and can be advised around (1.4072-1.4023) with your first take profit at 1.3786 and the next at 1.3304 and your stop loss around 1.4188

Technical levels

Resistance levels

R1.1.3953

R2.1.4082

R3.1.4306

Pivot

1.3862

Support levels

S1.1.373

S2.1.3636

S3.1.3412

Trade signal

Short GBPUSD around (1.4072-1.4023) with your first take profit at 1.3786 and your stop loss around 1.4188.

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Imelda Maseno
Analyst of «FreshForex» company
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