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Wait for a pullback to (1.3718-1.3580) to buy GBP.

Wait for a pullback to (1.3718-1.3580) to buy GBP. | 02 Abril 2018

02 Abril 2018, GBP/USD

Wait for a pullback to (1.3718-1.3580) to buy GBP.

Technical observation

GBPUSD broke above a resistance zone(1.3718-1.3580),It then retraced to the zone twice before moving up. Currently price is rallying above the zone and I expect a correction to it and a rejection for bullish movement of price towards 1.4604,you can remain flat now temporarily and wait for the correction to the zone to buy GBP with your take profit at 1.4604 and stop loss around 1.3264,in case of a breakout above 1.4604,continue long with GBP after a correction to it.If there’s a clear breakout below (1.3718-1.3580) with a big red candle, wait for a correction to it before you enter short position.

Technical levels

Resistance levels

R1.1.4175

R2.1.4327

R3.1.4561

Pivot

1.4093

Support levels

S1.1.3941

S2.1.3859

S3.1.3624

Trade signal

Wait for a pullback to (1.3718-1.3580) to buy GBP.

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Imelda Maseno
Analyst of «FreshForex» company
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