Remain flat temporarily. | 29 October 2018

29 October 2018, GBP/USD

Remain flat temporarily.

Technical observation

GBP/USD declined steadily towards the support 1.2413 but could not penetrate below it, price was rejected and is currently rising towards the resistance zone 1.3317-1.3281.I expect either a steady rally of GBP to 1.3317-1.3281 and a bounce within it to re-sell this pair, or, a clear breakout below 1.2413 with a big red candle and a correction to it for possible bearish momentum. In case of a rise to 1.3317-1.3281,re-sell GBP/USD within it with your take profit at 1.2413 and stop loss slightly above 1.3317,and should there be a breakout below 1.2413, wait for a correction to it confirming further decline in price before you continue short.

Technical levels

Resistance levels

R1.1.2855

R2.1.2881

R3.1.2946

Pivot

1.2816

Support levels

S1.1.279

S2.1.2751

S3.1.2686

Trade signal

Remain flat temporarily.

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

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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