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Wait for correction to 1.3389-1.3317

Wait for correction to 1.3389-1.3317 | 27 August 2018

27 August 2018, GBP/USD

Wait for correction to 1.3389-1.3317

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.

Do you know against which currencies GBP is the most profitable?

Wait for correction to 1.3389-1.3317

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Imelda Maseno
Analyst of «FreshForex» company
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