Wait for a buy signal | 27 April 2018

27 April 2018, GBP/USD

Wait for a buy signal

Technical observation

After breaking up above a resistance zone 1.3787-1.3754, GBPUSD used this zone as a support and has tested it thrice .Currently price is approaching this zone and a buy opportunity could show up soon. As long as price is above the support zone 1.3787-1.3754, price is expected to have a bullish momentum towards 1.4336 and even breakout above it to rise further. You could wait for the retracement to the zone then buy GBP after a rebound from it with your take profit at 1.4336.If price breaks below 1.3787-1.3754 or gaps below it price could rally downwards steadily towards the support line 1.3302.

Technical levels

Resistance levels

R1.1.4056

R2.1.411

R3.1.4192

Pivot: 1.4035

Support levels

S1.1.3974

S2.1.3947

S3.1.3865

Trade signal

Wait for a buy signal to buy GBP with your take profit at 1.4336 and stop loss around 1.3617

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Imelda Maseno
Analyst of «FreshForex» company
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