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Wait for a correction to 1.4101

Wait for a correction to 1.4101 | 22 March 2018

22 March 2018, GBP/USD

Wait for a correction to 1.4101

Technical observation

GBPUSD broke up above a key resistance line 1.4101 yesterday with a big red candle, currently the price is still moving up and I expect it to be corrected to 1.4101 followed by a rejection and a rise in price towards 1.4344.I would advise you wait for a correction of price to the line 1.4101 then buy GBP after a rejection of it within or a round the zone with your take profit at 1.4344 and stop loss around 1.3997,if price goes above 1.4344,wait for a correction to it then continue long with GBP.Short positions can only be advised in case there’s a clear breach of price below (1.3792-1.3761)with a big red candle and a correction to it.

Technical levels

Resistance levels

R1.1.4105

R2.1.4185

R3.1.4361

Pivot

1.4011

Support levels

S1.1.3929

S2.1.3833

S3.1.3657

Trade signal

Wait for a correction to 1.4101 to buy GBP with your take profit at 1.4344 and stop loss around 1.3997

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Imelda Maseno
Analyst of «FreshForex» company
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