Wait for a breakout above 1.4267 | 27 Marzo 2018

27 Marzo 2018, GBP/USD

Wait for a breakout above 1.4267

Technical observation

The pair in the daily chart above retraced at a support zone (1.3802-1.3754) four times while the price was moving up. After the last retracement, price rallied up and is currently approaching a key line 1.4267.I expect a breakout above the line and a correction to it followed by bullish movement of price towards 1.4800.In case of a breakout above 1.4800.I would advise you wait for a breakout above 1.4267 and a correction to it then buy GBP with your take profit at 1.4800 and stop loss around 1.4137.In case of a breakout below the zone, at for a pullback to it before you enter short position towards the key line 1.3307.

Technical levels

Resistance levels

R1.1.4175

R2.1.4217

R3.1.4305

Pivot

1.413

Support levels

S1.1.4087

S2.1.4042

S3.1.3955

Trade signal

Wait for a breakout above 1.4267 to buy GBP with your take profit at 1.4800 and stop loss around 1.4137

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Imelda Maseno
Analyst of «FreshForex» company
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