Remain flat temporarily. | 04 October 2018

04 October 2018, GBP/USD

Technical observation

On the daily chart above, price is still rallying towards the support 1.2904, my expectation is either a breach below the key support line 1.2904 or a bounce from it followed by a pullback to the resistance zone 1.3315-1.3281 and a rejection within it for possible bearish momentum. I sold this pair within 1.3315-1.3281 and I’m waiting for a close at 1.2904 to pick my profits. If you are not in a trade, remain flat temporarily and wait for either a breach below 1.2904 followed by a retracement to it to sell GBP towards 1.2624, or, wait for a bounce at 1.2904 followed by a correction to 1.3315-1.3281 to re-sell GBP/USD it towards 1.2904.

Technical levels

Resistance levels

R1.1.308

R2.1.3131

R3.1.3221

Pivot

1.310

Support levels

S1.1.299

S2.1.295

S3.1.2859

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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