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Wait for a correction to 1.3423-1.3297

Wait for a correction to 1.3423-1.3297 | 02 July 2018

02 July 2018, GBP/USD

Wait for a correction to 1.3423-1.3297

Technical observation

GBP/US went down below a supportive zone 1.3423-1.3297 and is still rallying below it .I expect a correction of price to the zone and a rejection of it within the zone for possible bearish momentum towards the support 1.2731 and a possible breakout below it too for a further decline in price towards 1.2003.My advice, wait for the correction to 1.3423-1.3297before you short the pair but on the second correction to the zone just to make sure it is not a false breakout. If price breaks above the zone instead of moving down, then the breakout was false so just wait for a correction to it then long the pair.

Technical levels

Resistance levels

R1.1.3317

R2.1.3427

R3.1.367

Pivot

1.3183

Support levels

S1.1.3074

S2.1.294

S3.1.2969

Trade signal

Wait for a correction to 1.3423-1.3297 to short GBP.

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Imelda Maseno
Analyst of «FreshForex» company
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