17 July 2018, GBP/USD
Technical observation
GBP/USD is on a downward trend. Price retraced at a resistance zone 1.3317-1.3276 twice before moving down. Currently, it is correcting to the zone and I expect a rejection of it within it for downwards movement on price towards 1.3050.Short the pair within 1.3317-1.3276 with your take profit at 1.3050 and stop loss slightly above 1.3317, In case of a breach below 1.3050,continue short with the pair after a retracement to it.If GBP breaks above 1.3317,wait for a correction to it to confirm upward movement if price before you long the pair with your ideal target at the resistance key level1.3578.
Technical levels
Resistance levels
R1.1.3284
R2.1.3332
R3.1.3471
Pivot
1.3193
Support levels
S1.1.3145
S2.1.3055
S3.1.2916
Trade signal
Short the pair within 1.3317-1.3276 with your take profit at 1.3050 and stop loss slightly above 1.3317. Do you know against which currencies GBP is the most profitable?
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