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Remain flat temporarily.

Remain flat temporarily. | 05 June 2018

05 June 2018, GBP/USD

Remain flat temporarily.

Technical observation

On the daily chart above, GBP/USD has been trading on a downward trend with retracements at the resistance zone1.3557-1.3519.Recently, price rallied down towards a support line 1.3309, it broke below it but was not contained then went above it again. Currently price is at 1.3309 and I expect either a retracement to 1.3557-1.3519 or a clear breakout below 1.3309 followed by a correction to it for bearish movement of price towards 1.3060.In case of a pull back to 1.3557-1.3519, short GBP within the zone with your take profit at 1.3309, but if it breaks below 1.3309,wait for a correction to it then short GBP on the second retracement to it.

Technical levels

Resistance levels

R1.1.339

R2.1.343

R3.1.3539

Pivot

1.3322

Support levels

S1.1.3281

S2.1.3213

S3.1.3104

Trade signal

Remain flat temporarily

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Imelda Maseno
Analyst of «FreshForex» company
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