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Sell GBP/USD within 1.3315-1.3281

Sell GBP/USD within 1.3315-1.3281 | 11 October 2018

11 October 2018, GBP/USD

Sell GBP/USD within 1.3315-1.3281

Technical observation

After days of rising steadily towards the resistance zone 1.3315-1.3281, the pair on the daily chart above is rallying below it and I expect a rise to it followed by a bounce within it for possible bearish momentum towards 1.2904 and a possible breach below it for a further decline in price. Wait for a close and a rejection within 1.3315-1.3281 to pick short positions with your ideal target at 1.2904 and stop loss slightly above 1.3315.As I said yesterday, as long as price is contained below this resistance zone only short positions can be advisable. Long positions may only be recommended above the zone 1.3315-1.3281 towards 1.3756.

Technical levels

Resistance levels

R1.1.3068

R2.1.3113

R3.1.3229

Pivot

1.3003

Support levels

S1.1.2952

S2.1.2881

S3.1.2766

Trade signal

Sell GBP/USD within 1.3315-1.3281 with your take profit at 1.2904 and stop loss slightly above 1.3315.

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

Sell GBP/USD within 1.3315-1.3281

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Imelda Maseno
Analyst of «FreshForex» company
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