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Wait for a pullback

14 March 2018, GBP/USD

Wait for a pullback

Technical observation

For the past days,GBP has been trading above a support zone (1.3789-1.3756),price retraced to the zone four times and is currently rallying above it.I expect a pullback and a rejection of price within or a round the zone to rebuy GBP with my take profit at 1.4260 and stop loss around 1.3629.In case of a breakout above 1.4260,wait for a correction to it then remain long with GBP.If there’s a clear breach of price below 1.3756 with a big red candle, wait for a retracement to it before you enter short positions towards the line 1.3307.Right now only long positions look ideal and can be advised within or around (1.3789-1.3756).

Technical levels

Resistance levels

R1.1.3934

R2.1.3965

R3.1.4042

Pivot

1.3890

Support levels

S1.1.3858

S2.1.3811

S3.1.3734

Trade signal

Wait for a pullback to (1.3789-1.3756)to rebuy GBP with your take profit at 1.4260 and stop loss around 1.3629.

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Imelda Maseno
Analyst of «FreshForex» company
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