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Short GBP around 1.3317-1.3283

Short GBP around 1.3317-1.3283 | 04 July 2018

04 July 2018, GBP/USD

Technical observation

In the recent past,GBP established a short term resistance zone 1.3317-1.3283 and is still below this zone.Yesterday,GBP pulled significantly to the upper side but is still below 1.3283,currently,it is still rising towards it and I expect a loss of bullish momentum around the just mentioned zone to short the pair on the chart above with my take profit set at 1.3057 and stop loss slightly above 1.3317.Should the price break above this zone, then I suggest waiting for a pull back to the just broken zone to long GBP towards 1.3315 or even higher to 1.3801.On the way upwards the key lines to look for include,1.3315 and 1.3801.

Technical levels

Resistance levels

R1.1.3308

R2.1.3334

R3.1.3404

Pivot

1.3266

Support levels

S1.1.3238

S2.1.3194

S3.1.3124

Trade signal

Short GBP around 1.3317-1.3283 towards 1.3057.

101% Double the volume

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Imelda Maseno
Analyst of «FreshForex» company
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