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Wait for a pullback to 1.3315-1.3281

Wait for a pullback to 1.3315-1.3281 | 03 Octubre 2018

03 Octubre 2018, GBP/USD

Technical observation

On the daily chart above, GBP/USD declined towards 1.2693 but could not reach it and is currently rallying back towards the resistance zone 1.3315-1.3281, I expect a rejection of it within the zone for possible bearish momentum of price towards 1.2693.Should there be a breach below 1.2693 with a big red candle, wait for a correction to it confirming further bearish momentum of price before you continue short with the pair. Right now only short positions look ideal and can be recommended on the chart above, Long positions may only be recommended in case of a clear breach above 1.3315-1.3281 followed by a correction to it.

Technical levels

Resistance levels

R1.1.308

R2.1.3131

R3.1.3221

Pivot

1.308

Support levels

S1.1.299

S2.1.295

S3.1.2859

Trade signal

Wait for a pullback to 1.3315-1.3281 to re-sell GBP/USD.

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Imelda Maseno
Analyst of «FreshForex» company
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