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Wait | 02 October 2018

02 October 2018, GBP/USD

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Technical observation

GBP/USD is rallying below a resistance zone 1.3315-1.3281 and as long as price remains below this zone we expect possible bearish momentum towards 1.2693.Wait for a correction to 1.3315-1.3281 then pick short positions within it with your take profit at 1.2693 and stop loss slightly above 1.3315.At the moment, buy positions looks a bit risky and may not be recommended unless there is a clear breach above 1.3315-1.3281 with a big green candle followed by a correction to it confirming possible bullish momentum of price towards 1.3756.Right now only short positions can be recommended on the chart above.

Technical levels

Resistance levels

R1.1.308

R2.1.3131

R3.1.3221

Pivot

1.306

Support levels

S1.1.299

S2.1.295

S3.1.2859

Trade signal

Wait for a correction to 1.3315-1.3281 to sell GBP with your take profit at 1.2693 and stop loss slightly above 1.3315.

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Imelda Maseno
Analyst of «FreshForex» company
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