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Remain short

Remain short | 12 June 2018

12 June 2018, GBP/USD

Remain short

Technical observation

GBP/USD went below a support zone 1.3473-1.3478 then retraced to it as a resistance. Recently price pulled back to the zone but could not penetrate above it, it was rejected and is currently rallying towards a support 1.3054,I expect a rejection of it from the line followed a correction to 1.3473-1.3478 and a rejection of price within the zone for possible bearish momentum towards 1.3054,If you already sold the pair within 1.3473-1.3478,remain in the trade with your ideal target at 1.3054,if you had not sold it yet, wait for a correction to the zone then short the pair within it.Long positions may only be advisable above 1.3473.

Technical levels

Resistance levels

R1.1.3448

R2.1.3487

R3.1.3572

Pivot

1.3401

Support levels

S1.1.3363

S2.1.3316

S3.1.323

Trade signal

Remain short.

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Imelda Maseno
Analyst of «FreshForex» company
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