Remain flat temporarily. | 12 April 2018

12 April 2018, GBP/USD

Remain flat temporarily.

Technical observation

On the daily chart above, GBPUSD retraced at a support zone (1.3999-1.3965) thrice before racing up. Currently price is still above it and I expect a breakout above 1.4286 or a correction to the zone followed by a rejection of price within or around it for a possible bullish move of price. Right now I would advise you remain flat and wait for either a correction to the zone or a breakout above 1.4286 followed by a correction to it to buy GBP.In case of a clear breach below (1.3999-1.39650) with a big red candle, wait for a correction to the zone to confirm price is on a bearish move before you sell GBP.

Technical levels

Resistance levels

R1.1.4136

R2.1.4183

R3.1.4307

Pivot

1.4063

Support levels

S1.1.4012

S2.1.3936

S3.1.3812

Trade signal

Remain flat temporarily.

FreshForex cancels commissions!

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .