Remain flat temporarily. | 31 Agosto 2018

31 Agosto 2018, GBP/USD

Remain flat temporarily.

Technical observation

GBP/USD is still pulling back to the just broken line 1.2925, I expect a rejection of price at it for upward movements of GBP.Long the pair on the second retracement to 1.2925 just to ensure it is not a false breakout. In case it is and there’s a breach below 1.2925, wait for a correction to it then short GBP/USD towards 1.2687.Right now remain flat temporarily as price rallies on a bearish bias towards 1.2925 which i expect to be over at it then long GBP on the next correction to it.Short positions may also be still advisable within 1.3317-1.3283 in case there’s a rally to it and price is rejected within it.

Technical levels

Resistance levels

R1.1.12885

R2.1.292

R3.1.2995

Pivot

1.2852

Support levels

S1.1.281

S2.1.2772

S3.1.2697

Trade signal

Remain flat temporarily.

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Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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