Wait for a breakout above 1.4286 | 11 April 2018

11 April 2018, GBP/USD

Wait for a breakout above 1.4286

Technical observation

On the daily chart above,GBPUSD after retracing at a key support zone thrice is now rising towards a key line 1.4286 and I expect a breakout above it followed by a correction to it for bullish movement of GBP.I would advise you wait for a breakout above 1.4286 and a correction to it then buy GBP with your take profit at 1.4604 and stop loss around 1.4173.In case price does not break above 1.4286 and instead is pulled back to the zone, you can still buy GBP from the zone after the candle closes within or around the zone, Short positions can only be advised in case price breaks below the zone and is corrected to it.

Technical levels

Resistance levels

R1.1.4136

R2.1.4183

R3.1.4307

Pivot

1.4061

Support levels

S1.1.4012

S2.1.3936

S3.1.3812

Trade signal

Wait for a breakout above 1.4286 to buy GBP with your take profit at 1.4604 and stop loss around 1.4173.

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Imelda Maseno
Analyst of «FreshForex» company
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