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Wait for a close within (1.3888-1.3850)

Wait for a close within (1.3888-1.3850) | 28 February 2018

28 February 2018, GBP/USD

Wait for a close within (1.3888-1.3850)

Technical observation

GBPUSD retraced twice at support zone (1.3888-1.3850) while on an upward trend, price then rose up to a key resistance line 1.4265 but could not penetrate above it and was corrected to the zone, right now it is around the zone and I expect a close within the zone for bullish movement of price towards 1.4265 and a breakout above it.In case there’s a clear breach of price below (1.3888-1.3850), wait for a pullback to the zone before you enter short positions. Right now only long positions look ideal and can be advised within or around the zone towards 1.4265 and stop loss around 1.3674.

Technical levels

Resistance levels

R1.1.4011

R2.1.4067

R3.1.42

Pivot

1.3936

Support levels

S1.1.3878

S2.1.3801

S3.1.3668

Trade signal

Buy GBPUSD within (1.3888-1.3850) 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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