Remain flat | 07 June 2018

Technical observation

GBP/USD is still retracing to the zone 1.3605-1.3560 and I expect a rejection of it within the zone for possible bearish momentum towards 1.3302 and a breakout below it for a further decline in price towards 1.3054.Remain flat and wait for the correction to 1.3605-1.3560 to short the pair within the zone with your first take profit at 1.3302 and the next at 1.3054.Long positions may only be recommended towards 1.3977 in case there’s a clear breach above 1.3605 with a big green candle followed by a correction to it and a rejection of price from it. Right now remain flat and wait for the retracement to 1.3605-1.3560 to short GBP.

Technical levels

Resistance levels

R1.1.339

R2.1.343

R3.1.3539

Pivot

1.3326

Support levels

S1.1.3281

S2.1.3213

S3.1.3104

Trade signal

Remain flat.

101% Double the volume