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Remain flat

Remain flat | 08 October 2018

08 October 2018, GBP/USD

Remain flat

Technical observation

GBP/USD is still rallying towards the resistance zone 1.3315-1.3281,I expect a correction of price to the zone followed by a rejection within it for possible bearish momentum towards 1.2904 and a breakout below it for a further decline in price towards 1.2624.Remain flat now and wait for the pullback to 1.3315-1.3281 then short this pair within it with your take profit at 1.2904 and stop loss slightly above 1.3315,continue short after a breakout 1.2904 and a correction to it confirming further bearish movement of price towards 1.2624.Long positions may only be recommended above the resistance zone 1.3315-1.3281.

Technical levels

Resistance levels

R1.1.3068

R2.1.3113

R3.1.3229

Pivot

1.2997

Support levels

S1.1.2952

S2.1.2881

S3.1.2766

Trade signal

Remain flat.

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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