Remain short | 18 October 2018

18 October 2018, GBP/USD

Remain short

Technical observation

The pair on the daily chart above s moving on an increasing bearish momentum towards 1.2904,I expect a steady decline towards the line and a possible breakout below it followed by correction to it for further bearish momentum towards 1.2624.I picked short positions within the resistance zone 1.3315-1.13281 and I’m holding onto this position with my ideal target at 1.2904 and stop loss slightly above 1.3315.In case of a break below 1.2904,wait for a correction to it confirming further bearish momentum of price before you continue short with this pair. Only short position can be advisable for the pair on the chart above.

Technical levels

Resistance levels

R1.1.3225

R2.1.3298

R3.1.341

Pivot

1.3192

Support levels

S1.1.3113

S2.1.3073

S3.1.2961

Trade signal

Remain short.

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Remain short

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Imelda Maseno
Analyst of «FreshForex» company
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