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Buy GBP within (1.3971-1.3763)

Buy GBP within (1.3971-1.3763) | 09 March 2018

09 March 2018, GBP/USD

Buy GBP within (1.3971-1.3763)

Technical observation

On the daily chart above, GBPUSD broke above a key resistance zone (1.3791-1.3763).Price retraced to it thrice without breaking below it and using it as a support now. As long as price is above this key support zone (1.3971-1.3763), we expect a bullish price rally towards 1.4265 or even a breakout above it.Wait for the current candle to close within (1.3971-1.3763) and long this pair at minimum risk towards 1.4265.Remain long after a break out above 1.4265 and a correction to it.In case of a clear breakout below 1.3763 with a big red candle, wait for a correction to it and short the pair towards 1.3503 or even lower to 1.3307.

Technical levels

Resistance levels

R1.1.3895

R2.1.3942

R3.1.4053

Pivot

1.3835

Support levels

S1.1.3784

S2.1.372

S3.1.3608

Trade signal

Buy GBPUSD within (1.3971-1.3763) with your take profit at 1.4265 and stop loss around 1.3652.

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Imelda Maseno
Analyst of «FreshForex» company
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