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Wait for a correction to (1.3789-1.3756)

Wait for a correction to (1.3789-1.3756) | 13 March 2018

13 March 2018, GBP/USD

Wait for a correction to (1.3789-1.3756)

Technical observation

On the previous days,GBP has been trading on an upward trend with four retracements to a support zone (1.3789-1.3756),currently price is correcting to the zone and I expect a rejection of it around the zone and a rise in price towards 1.4271 or even a break out above 1.4271 for a further rise in price. I’m waiting to rebuy GBP around or within (1.3789-1.3756) with my take profit at 1.4271 and stop loss around 1.3629,in case of a break out above 1.4271,I will continue long after a correction to it.If there’s a clear break out below 1.3756,wait for a correction to it before you enter short positions and your target at 1.3057.

Technical levels

Resistance levels

R1.1.3934

R2.1.3965

R3.1.4042

Pivot

1.3888

Support levels

S1.1.3858

S2.1.3811

S3.1.3734

Trade signal

Wait for a pullback to (1.3789-1.3756) to rebuy GBP with your take profit at 1.4271 and stop loss around 1.3629.

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Imelda Maseno
Analyst of «FreshForex» company
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