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Remain flat

Remain flat | 08 May 2018

08 May 2018, GBP/USD

Remain flat

Technical observation

Recently GBPUSD broke down a support zone 1.3788-1.3750 with a big red candle. Price then rallied down towards a support 1.3502 but price could not break below it and was rejected. Currently price is rallying towards the broken zone and I expect a rejection of it within the zone for bearish momentum towards 1.3502 and a breakout below it for a further decline in price towards 1.3302.Remain flat now and wait for the pullback to the zone then short GBPUSD within the zone with your take profit at 1.3502 and stop loss around 1.3919.Only buy if price goes above 1.3788-1.3750 with a big green candle.

Technical levels

Resistance levels

R1.1.3623

R2.1.3673

R3.1.3765

Pivot

1.3581

Support levels

S1.1.3531

S2.1.3488

S3.1.3396

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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