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Short GBP/USD within 1.3805-1.3753

Short GBP/USD within 1.3805-1.3753 | 11 May 2018

11 May 2018, GBP/USD

Short GBP/USD within 1.3805-1.3753

Technical observation

After declining towards the support line 1.3515,GBP/USD could not penetrate below it and was rejected, currently it is rising towards the resistance zone 1.3805-1.3753 and I expect a rejection of it within the zone for bearish momentum towards 1.3515 and a breakout below it for a further decline in price.MY davise,wait for a correction to 1.3805-1.3753 then short GBP/USD within it with your take profit at 1.3515 and stop loss around 1.3917.If price breaks below 1.3515,wait for a correction to it the continue short with GBP.You can only enter long positions in case there’s a clear breach above 1.3805.

Technical levels

Resistance levels

R1.1.3623

R2.1.3673

R3.1.3765

Pivot

1.3585

Support levels

S1.1.3531

S2.1.3488

S3.1.3396

Trade signal

Short GBP/USD within 1.3805-1.3753, with your take profit at 1.3515 and stop loss around 1.3917.

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Imelda Maseno
Analyst of «FreshForex» company
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