Remain flat | 02 August 2018

Technical observation

GBP/USD is till rallying between the resistance zone 1.3314-1.3279 and the support 1.3009.I expect either a pullback to 1.3314-1.3279 or a breach below 1.3009 followed by a retracement to it for a bearish momentum. In case of a correction to 1.3314-1.3279 Short GBP within the zone towards 1.3009 after a rejection of price within it and in case of a clear breach below 1.3009, wait for a correction to it before you sell GBP at it with your ideal target at 1.2792. On the daily chart above long positions may only be advisable in case of a clear breach above the zone 1.3314-1.3279 with a big green candle and a correction to it.

Technical levels

Resistance levels

R1.1.3164

R2.1.321

R3.1.3295

Pivot

1.3128

Support levels

S1.1.308

S2.1.3042

S3.1.2958

Trade signal

Remain flat.

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