Remain flat | 13 August 2018
13 August 2018, GBP/USD
Technical observation
After breaking below a support zone 1.3389-1.3317,GBP/USD rallied down towards a supportive line 1.2712it was rejected and could not break below it.Currently price is pulling back to the just broken zone and I expect a rejection of it within it for possible bearish momentum towards 1.2712 and a possible breakout below it too for further decline in price. My, advice, Remain flat and wait for the correction to 1.3389-1.3317 then short the pair at it with your take profit at 1.2712 and stop loss slightly above 1.3389.Only short positions look ideal on the weekly chart above and can be recommended within 1.3389-1.3317.
Technical levels
Resistance levels
R1.1.2949
R2.1.3129
R3.1.3422
Pivot
1.2836
Support levels
S1.1.2656
S2.1.2543
S3.1.225
Trade signal
Remain flat.
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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
