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Wait for a retracement to (1.3789-1.3756)

Wait for a retracement to (1.3789-1.3756) | 15 March 2018

15 March 2018, GBP/USD

Wait for a retracement to (1.3789-1.3756)

Technical observation

The pair on the daily chart above retraced at a support zone (1.3789-1.3756) four times previously and I still expect a correction to the zone and an increase in price towards the line 1.4260.In case of a breakout above 1.4260,I expect a further rise in price towards 1.4800.Im waiting for the pullback to (1.3789-1.3756)to rebuy the pair with my take profit at 1.4260 and stop loss around 1.3629,if there’s a clear breakout above 1.4260,I will wait for the correction and rejection to it then buy the pair. In case 1.3756 is clearly breached below with a big red candle, wait for a correction to it to confirm the price is moving down then sell GBP.

Technical levels

Resistance levels

R1.1.3934

R2.1.3965

R3.1.4042

Pivot

1.3892

Support levels

S1.1.3858

S2.1.3811

S3.1.3734

Trade signal

Wait for a retracement to (1.3789-1.3756) to buy 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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