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Remain flat

Remain flat | 22 October 2018

22 October 2018, GBP/USD

Technical observation

On the daily chart above, GBP/USD is rallying between a resistance zone 1.3315-1.3281 and a support 1.2904. My expectation is either a correction to 1.3315-1.3281 and a rejection within it for possible bearish momentum towards 1.2904, or, a decline to 1.2904 followed by a breakout below it with a big red candle and correction to it for possible downwards movement of price towards 1.2624.I would advise you remain neutral and wait for either to trade this pair. Long positions may only be recommend in case of a clear breakout above 1.3315 with a big green candle, followed by a correction to it for possible bullish momentum.

Technical levels

Resistance levels

R1.1.3111

R2.1.3155

R3.1.3248

Pivot

1.3061

Support levels

S1.1.3018

S2.1.2968

S3.1.2785

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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