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Remain flat temporarily.

16 April 2018, GBP/USD

Remain flat temporarily.

Technical observation

GBP is on an upward trend, it retraced at a key zone (1.3825-1.3703) twice before moving up, Currently price is rallying above the zone towards the key line 1.4633 which is a resistance line. If price gets rejected within the line, short term traders can sell GBP from the line towards the zone, and if there’s a breakout above the line with a big green candle, wait for a correction to it then buy GBP with your take profit at 1.5715 and stop loss around 1.4256.I would advise you remain flat temporarily and wait for either a breakout above 1.4633 or a correction to (1.3825-1.3703) to buy GBP.

Technical levels

Resistance levels

R1.1.4331

R2.1.4423

R3.1.4642

Pivot

1.4205

Support levels

S1.1.4113

S2.1.3986

S3.1.3768

Trade signal

Remain flat temporarily

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Imelda Maseno
Analyst of «FreshForex» company
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