Looking to sell | 22 May 2018
22 May 2018, GBP/USD
Technical observation
GBP/USD has been trading on a downward trend, it went below a support zone 1.3754-1.3701 with a big red candle then rallied down towards a support line 1.3302, I expect a rejection of price from it and a correction to 1.3754-1.3701 for bearish momentum or a breakout below it followed by a correction of price to it for bearish movements of price. My advice, wait for either a correction of price to 1.3754-1.3701 or a breakout below 1.3302 or a correction to it to short GBP/USD. In case of a breakout below 1.3302,I expect a decline in price towards 1.3028 and a breakout below it too for a further drop in price towards 1.2760.
Technical levels
Resistance levels
R1.1.3514
R2.1.3558
R3.1.3632
Pivot
1.3484
Support levels
S1.1.344
S2.1.3411
S3.1.3337
Trade signal
Wait for either a correction to1.3754-1.3701 or a breakout below 1.3302 to sell GBP/USD.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
