27 August 2018, GBP/USD
Technical observation
GBP/USD rallied down towards 1.2712 but could not breach below it and is currently correcting to the resistance zone 1.3389-1.3317,I expect nothing but a rejection of it within the zone for possible bearish momentum towards 1.2712.You can short the pair on the weekly chart above within the zone with your take profit at 1.2712 and stop loss slightly above 1.3389.On the other side, a clear breach above 1.3389-1.3317 with a big green candle will attract long positions towards the resistance key line 1.4615. Right now my advice, wait for correction to 1.3389-1.3317 to short GBP/USD.
Technical levels
Resistance levels
R1.1.2947
R2.1.3046
R3.1.3253
Pivot
1.2838
Support levels
S1.1.274
S2.1.2631
S3.1.2424
Trade signal
Wait for correction to 1.3389-1.3317 to short GBP/USD.
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