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Wait for a pullback to rebuy

Wait for a pullback to rebuy | 08 March 2018

08 March 2018, GBP/USD

Wait for a pullback to rebuy

Technical observation

GBPUSD retraced at a support zone (1.3802-1.3759) thrice when the price was moving up, right now price is rallying towards it and i don’t expect a breakout below it instead i expect a rejection of price within it for bullish movement towards the key resistance line 1.4265, I would advise you enter long position within the zone with your ideal target at 1.4265 and stop loss around 1.3645, in case of a breakout above 1.4265, wait for a retracement to it to confirm GBP is still long before you enter a trade. If there’s a clear breach of price below 1.3759 with a big red candle, wait for a pull back to it before you short the pair.

Technical levels

Resistance levels

R1.1.3895

R2.1.3942

R3.1.4053

Pivot

1.3831

Support levels

S1.1.3784

S2.1.372

S3.1.3608

Trade signal

Buy GBP within (1.3802-1.3759) with your take profit at 1.4265 and stop loss around 1.3645

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Imelda Maseno
Analyst of «FreshForex» company
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