Remain flat | 01 August 2018

Technical observation

GBP/USD is rallying down towards a key support line 1.3009.I expect a possible clear breach below it with a big red candle followed by a correction to it for possible bearish movements of GBP towards the support 1.2792 and a breakout below it too for a further decline in price. Remain flat and wait for the breakout below 1.3009 followed by a correction to it then short the pair at it with your ideal target at 1.2792 and stop loss around 1.3153.In case GBP does not break below 1.3009 and instead retraces to the resistance zone 1.3314-1.3279, you can still short the pair within the zone towards 1.3009 after a bounce from it.

Technical levels

Resistance levels

R1.1.3164

R2.1.321

R3.1.3295

Pivot

1.3126

Support levels

S1.1.308

S2.1.3042

S3.1.2958

Trade signal

Remain flat.

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