30 Marzo 2018, GBP/USD
Technical observation
On the 4H chart above, GBPUSD broke above a resistance zone (1.4095-1.4079) with a big green candle on 21st of March this year. Price then retraced to the zone twice as a support, recently price was corrected to the zone as a resistance then rallied down towards a key line 1.3988.Currently it is correcting to the resistance zone and I expect a rejection of it within or around the zone for bearish movement of GBP towards 1.3988 and a breakout below it for further decline in price towards 1.3924.If price goes below 1.3924,then I expect it to decline to the lowest key line 1.3797.Only buy if price breaks above (1.4095-1.4079).
Technical levels
Resistance levels
R1.1.4166
R2.1.4172
R3.1.4181
Pivot
1.4165
Support levels
S1.1.4157
S2.1.4153
S3.1.4144
Trade signal
Wait for a correction to (1.4095-1.4079) to sell GBP towards 1.3988.
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