Sell GBP/USD within 1.3315-1.3281 | 16 October 2018

16 October 2018, GBP/USD

Sell GBP/USD within 1.3315-1.3281

Technical observation

The pair on the daily chart above is still rallying below a resistance zone 1.3315-1.3281,I expect a rise to it followed by a bounce within it for possible bearish rally of price towards 1.12904 and a possible breakout below it for a further decline in price towards 1.2624.Wait for arise to the above mentioned zone then pick short positions within it with your take profit at 1.2904 and stop loss slightly above 1.3315.Right now, only short positons can be advisable within 1.3315-1.3281,long positions may only be recommended in case of a clear breakout above 1.3315-1.3281 followed by a pullback to it and a bounce within it.

Technical levels

Resistance levels

R1.1.3225

R2.1.3298

R3.1.341

Pivot

1.3188

Support levels

S1.1.3113

S2.1.3073

S3.1.2961

Trade signal

Sell GBP/USD within 1.3315-1.3281.

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

Sell GBP/USD within 1.3315-1.3281

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Imelda Maseno
Analyst of «FreshForex» company
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