09 Agosto 2018, GBP/USD
Technical observation
After days of rallying towards 1.2792,GBP/USD is now correcting to the key resistance line 1.3009,I expect either a correction to it or a rally down to 1.2792 followed by a breakout below it.In case of a correction to 1.3009 followed by a rejection, Short GBP at it with your take profit at 1.2792 and stop loss slightly above 1.3009,and in case there’s a clear breakout below 1.2792 with a big red candle, you wait for a pullback to it before you short GBP with your ideal target at 1.2355.On the chart above long positions may only be advisable in case of a clear break above 1.3009 with a big green candle followed by a correction to it more than once.
Technical levels
Resistance levels
R1.1.3039
R2.1.3076
R3.1.3144
Pivot
1.3011
Support levels
S1.1.2971
S2.1.2939
S3.1.287
Trade signal
Remain flat.
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