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Short GBP/USD

17 May 2018, GBP/USD

Short GBP/USD

Technical observation

Yesterday GBP/USD went down as was predicted. Currently it is at the resistance line 1.3562 and I expect a rejection of it from the line for possible decline in price towards 1.3302 and a breakout below 1.3302 for a further decline in price towards 1.3054.You can short GBP now around the line or wait for the current candle to close first then short GBP with your first take profit at 1.3302 and the next at 1.3054.You can still short GBP within the resistance zone 1.3805-1.3755 if price pull back to it and does not penetrate above it but gets rejected within it.Long positions will only be ideal if there’s a clear breach above 1.3805.

Technical levels

Resistance levels

R1.1.3592

R2.1.3641

R3.1.3736

Pivot

1.3551

Support levels

S1.1.3497

S2.1.3452

S3.1.3358

Trade signal

Short GBP/USD with your take profit at 1.3302 and stop loss around 1.3681.

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Imelda Maseno
Analyst of «FreshForex» company
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