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Looking to sell

Looking to sell | 02 May 2018

02 May 2018, GBP/USD

Looking to sell

Technical observation

Yesterday GBPUSD did not go up as I predicted instead it broke down below the supportive zone 1.3783-1.3753 with a big red candle confirming that bears are charged. I expect a retracement of price to the zone and a rejection of it within or around it for bearish movement of price towards the support line 1.3512 and a breakout below 1.3512 for a further drop in price towards the lowest line 1.3302.Wait for a correction to the just broken zone then sell GBP within the zone after the second retracement to it with your first take profit at 1.3512 and the next at 1.3302 and your stop loss around 1.3888.

Technical levels

Resistance levels

R1.1.3894

R2.1.4008

R3.1.4195

Pivot

1.3823

Support levels

S1.1.3707

S2.1.3634

S3.1.3446

Trade signal

Wait for a correction to the broken zone then sell GBP after the second retracement to it with your take profit at 1.3512 and stop loss around 1.3888.

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Imelda Maseno
Analyst of «FreshForex» company
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