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Wait for a pullback to 1.2843 to sell GBP/USD.

Wait for a pullback to 1.2843 to sell GBP/USD. | 16 November 2018

16 November 2018, GBP/USD

Wait for a pullback to 1.2843 to sell GBP/USD.

Technical observation

Yesterday, GBP/USD was rejected within the resistance zone 1.3037-1.3027 as I predicted, price then declined massively towards the support 1.2843 and even broke below it before moving down to 1.2731, my expectation is a correction to the just broken line 1.2843 followed by a rejection at it for bearish momentum of price. I picked my profits at 1.2843 so I’ll wait for the correction to 1.2843 and a bounce at it to re-sell this pair with my take profit at 1.2731 and stop loss around 1.2891.Only short positions look ideal and can be recommended on the hourly chart above. Long positions may only be advisable in case of a clear breach above 1.2843.

Trade recommendation

Wait for a pullback to 1.2843 to sell GBP/USD.

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Wait for a pullback to 1.2843 to sell GBP/USD.

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Imelda Maseno
Analyst of «FreshForex» company
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