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Remain flat temporarily.

Remain flat temporarily. | 20 July 2018

20 July 2018, GBP/USD

Remain flat temporarily.

Technical observation

Instead of pulling back to the resistance zone 1.3317-1.3276,GBP/USD yesterday broke down below a support level 1.3050 with a big red candle. I expect a retracement to the just broken level and a rejection of price within it for bearish momentum towards 1.2775.You can remain flat temporarily and wait for the pull back to 1.3050 then short GBP from it with your take profit at 1.2775 and stop loss around 1.3157.Only short positions look ideal on the chart above and can be recommended towards 1.2775 and in case of a break below 1.2775, wait for a correction to it then continue short with the pair.

Technical levels

Resistance levels

R1.1.3284

R2.1.3332

R3.1.3471

Pivot

1.3199

Support levels

S1.1.3145

S2.1.3055

S3.1.2916

Trade signal

Remain flat temporarily.

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Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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