Remain flat | 09 Octubre 2018

09 Octubre 2018, GBP/USD

Remain flat

Technical observation

GBP/USD is still rallying in between a resistance zone 1.3315-1.3281 and a support 1.2904. I expect either a rise to 1.3315-1.3281 and a rejection within it for possible bearish momentum of price towards 1.2904, or, a decline towards 1.2904 followed by a breakout below it and a pullback to it for possible downwards movement of GBP towards 1.2624.Remain flat temporarily and wait for either a correction to 1.3315-1.3281 or a breach below 1.2904 to trade this pair. Long positions may only be advisable in case of a clear breakout above 1.3315-1.3281 with a big green candle followed by a retracement to it more than once.

Technical levels

Resistance levels

R1.1.3068

R2.1.3113

R3.1.3229

Pivot

1.2999

Support levels

S1.1.2952

S2.1.2881

S3.1.2766

Trade signal

Remain flat.

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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