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Remain flat temporarily.

Remain flat temporarily. | 08 August 2018

08 August 2018, GBP/USD

Technical observation

Yesterday GBP/USD did not go up as predicted, instead, it went down and is still rallying down towards the support 1.2792,i expect a rejection of price at or around it followed by a correction to the just broken line for possible downwards movement of price. Remain flat temporarily and wait for the correction to 1.3009 then short the pair at it with your ideal target at 1.2792 and stop loss around 1.3149.In case of a break below 1.2792, wait for a correction to it then continue short with the pair. Long positions may only be recommended in case of a clear breach above the key resistance zone 1.3314-1.3279.

Technical levels

Resistance levels

R1.1.3039

R2.1.3076

R3.1.3144

Pivot

1.3009

Support levels

S1.1.2971

S2.1.2939

S3.1.287

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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