Remain flat | 09 August 2018

09 August 2018, GBP/USD

Remain flat

Technical observation

After days of rallying towards 1.2792,GBP/USD is now correcting to the key resistance line 1.3009,I expect either a correction to it or a rally down to 1.2792 followed by a breakout below it.In case of a correction to 1.3009 followed by a rejection, Short GBP at it with your take profit at 1.2792 and stop loss slightly above 1.3009,and in case there’s a clear breakout below 1.2792 with a big red candle, you wait for a pullback to it before you short GBP with your ideal target at 1.2355.On the chart above long positions may only be advisable in case of a clear break above 1.3009 with a big green candle followed by a correction to it more than once.

Technical levels

Resistance levels

R1.1.3039

R2.1.3076

R3.1.3144

Pivot

1.3011

Support levels

S1.1.2971

S2.1.2939

S3.1.287

Trade signal

Remain flat.

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

Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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