09 March 2018, GBP/USD
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.