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Wait for a correction to 1.3816-1.3696

Wait for a correction to 1.3816-1.3696 | 21 May 2018

21 May 2018, GBP/USD

Technical observation

GBP/USD broke below a support zone 1.3816-1.3696 and is still pretty much below it.I expect a retracement of price to the zone and a rejection of it within it for bearish movements of price towards 1.3302 and a breakout below it for further bearish movements of price towards the lowest key line 1.2705. I would advise you wait for a correction to the zone the short GBP within it with your take profit at 1.3302 and stop loss around 1.4144.Continue short with GBP/USD after a breakout below 1.3302 with your ideal target at 1.2705.Long positions can only be recommended above the zone 1.3816-1.3696.

Technical levels

Resistance levels

R1.1.3569

R2.1.3668

R3.1.3825

Pivot

1.351

Support levels

S1.1.3411

S2.1.3352

S3.1.3194

Trade signal

Wait for a correction to 1.3816-1.3696 to short GBP/USD with your take profit at 1.3302 and stop loss around 1.4144.

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Imelda Maseno
Analyst of «FreshForex» company
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