Remain flat | 24 May 2018

24 May 2018, GBP/USD

Remain flat

Technical observation

After rallying down towards a support line 1.3302, GBP/USD could not penetrate below it, it sent a tail perfectly to it but was rejected. Right now price is correcting to 1.3512 and i expect a rejection of it from the resistance line for downwards movements.1.3512 will be a good place to sell the pair since it has previous retracements to it.If price fails to correct to 1.3512 and instead breaks down below 1.3302, wait for a correction to it then short GBP towards 1.3928.You can remain flat now and wait for either a correction to 1.3512 or a breakout below 1.3302 and a correction to it to short the pair.

Technical levels

Resistance levels

R1.1.3514

R2.1.3558

R3.1.3632

Pivot

1.3488

Support levels

S1.1.344

S2.1.3411

S3.1.3337

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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