Remain flat | 20 March 2018

Technical observation

On 13.13.2018,GBPUSD broke up above a key resistance zone (1.3926-1.3912) with a big green candle, price then rose up but was corrected back to the zone with five retracements.Currently GBP is rallying between the support zone and the resistance line 1.4126, I expect a rise in price towards the line 1.4126 and a breakout above it followed by a further rise in price towards 1.4260.I would advise youremain flat now and wait for a breakout above 1.4126, to long with GBP after a retracement to it.If price breaks below 1.3912, short GBP after a correction to it confirming the price is moving down.

Technical levels

Resistance levels

R1.1.405

R2.1.4058

R3.1.4075

Pivot

1.4041

Support levels

S1.1.4032

S2.1.4023

S3.1.4006

Trade signal

Remain flat.