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Looking to sell

Looking to sell | 22 May 2018

22 May 2018, GBP/USD

Looking to sell

Technical observation

GBP/USD has been trading on a downward trend, it went below a support zone 1.3754-1.3701 with a big red candle then rallied down towards a support line 1.3302, I expect a rejection of price from it and a correction to 1.3754-1.3701 for bearish momentum or a breakout below it followed by a correction of price to it for bearish movements of price. My advice, wait for either a correction of price to 1.3754-1.3701 or a breakout below 1.3302 or a correction to it to short GBP/USD. In case of a breakout below 1.3302,I expect a decline in price towards 1.3028 and a breakout below it too for a further drop in price towards 1.2760.

Technical levels

Resistance levels

R1.1.3514

R2.1.3558

R3.1.3632

Pivot

1.3484

Support levels

S1.1.344

S2.1.3411

S3.1.3337

Trade signal

Wait for either a correction to1.3754-1.3701 or a breakout below 1.3302 to sell GBP/USD.

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Imelda Maseno
Analyst of «FreshForex» company
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