Remain flat temporarily. | 16 April 2018

16 April 2018, GBP/USD

Remain flat temporarily.

Technical observation

GBP is on an upward trend, it retraced at a key zone (1.3825-1.3703) twice before moving up, Currently price is rallying above the zone towards the key line 1.4633 which is a resistance line. If price gets rejected within the line, short term traders can sell GBP from the line towards the zone, and if there’s a breakout above the line with a big green candle, wait for a correction to it then buy GBP with your take profit at 1.5715 and stop loss around 1.4256.I would advise you remain flat temporarily and wait for either a breakout above 1.4633 or a correction to (1.3825-1.3703) to buy GBP.

Technical levels

Resistance levels

R1.1.4331

R2.1.4423

R3.1.4642

Pivot

1.4205

Support levels

S1.1.4113

S2.1.3986

S3.1.3768

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 .