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Wait for correction at (1.3845-1.3809)

Wait for correction at (1.3845-1.3809) | 27 February 2018

27 February 2018, GBP/USD

Technical observation

A breakout was seen when price went above (1.3845-1.3809) and is currently above it.Just now, the price is pulling back to the same zone again and we’re waiting for a clear rebound from this zone to pick a long position with an ultimate target at 1.4265.As long as price is above 1.3845, we’re waiting for a clear buy signal. Wait for a pullback to the zone and a rejection of price within or around it for bearish movement of price. My advice, rebuy GBPUSD around (1.3845-1.3809) or within it with your take profit at 1.4265 and stop loss around 1.3674.If there’s a clear breakout below 1.3809 wait for a correction to the broken zone before you enter short position.

Technical levels

Resistance levels

R1.1.4011

R2.1.4067

R3.1.42

Pivot

1.3934

Support levels

S1.1.3878

S2.1.3801

S3.1.3668

Trade signal

Wait for correction to (1.3845-1.3809)to buy GBPUSD with your take profit at 1.4265 and stop loss around 1.3674.

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Imelda Maseno
Analyst of «FreshForex» company
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