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Remain short

Remain short | 01 June 2018

01 June 2018, GBP/USD

Remain short

Technical observation

After the breakout below the support key line 1.3306, the pair on the daily chart above yesterday retraced to it and could not penetrate above it.Price was rejected from the line and is currently rallying down. If you had sold the pair yesterday, remain in the trade with your take profit at 1.3054 and stop loss around 1.3419.I expect a decline in price towards 1.3054 and a breakout below it for a further drop in price towards 1.2792.You can continue short with the pair after a breakout below 1.3054 and a correction to it.Right now on the daily chart above, price is on a downward movement and so only short positions can be advised.

Technical levels

Resistance levels

R1.1.3352

R2.1.3408

R3.1.3495

Pivot

1.3326

Support levels

S1.1.3266

S2.1.3236

S3.1.3149

Trade signal

Remain short.

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Imelda Maseno
Analyst of «FreshForex» company
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