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Buy GBP within the key zone (1.3340-1.3306)

Buy GBP within the key zone (1.3340-1.3306) | 11 January 2018

11 January 2018, GBP/USD

Buy GBP within the key zone (1.3340-1.3306)

Technical observation

Previously price broke below a zone (1.3340-1.3306)then retraced to it thrice making it a key resistance zone. Price then broke above it and was contained with two retracement s to it, currently price is declining steadily and I expect a bounce from it to pick long positions towards 1.3659,incase price breaks below the zone I’ll wait for a pullback to the just broken zone to confirm that the price is moving down then short GBP towards the key line 1.3055,I’ll advice you buy GBP within the key zone with your take profit at 1.3659.

Technical levels

Resistance levels

R1.1.3552

R2.1.3598

R3.1.3678

Pivot

1.3516

Support levels

S1.1.3472

S2.1.3436

S3.1.3356

Trade signal

Buy GBP within the key zone with your take profit at 1.3659 and your stop loss slightly below 1.3306

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Imelda Maseno
Analyst of «FreshForex» company
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