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Wait for a pullback to short GBP

Wait for a pullback to short GBP | 30 March 2018

30 March 2018, GBP/USD

Wait for a pullback to short GBP

Technical observation

On the 4H chart above, GBPUSD broke above a resistance zone (1.4095-1.4079) with a big green candle on 21st of March this year. Price then retraced to the zone twice as a support, recently price was corrected to the zone as a resistance then rallied down towards a key line 1.3988.Currently it is correcting to the resistance zone and I expect a rejection of it within or around the zone for bearish movement of GBP towards 1.3988 and a breakout below it for further decline in price towards 1.3924.If price goes below 1.3924,then I expect it to decline to the lowest key line 1.3797.Only buy if price breaks above (1.4095-1.4079).

Technical levels

Resistance levels

R1.1.4166

R2.1.4172

R3.1.4181

Pivot

1.4165

Support levels

S1.1.4157

S2.1.4153

S3.1.4144

Trade signal

Wait for a correction to (1.4095-1.4079) to sell GBP towards 1.3988.

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Imelda Maseno
Analyst of «FreshForex» company
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