10 October 2018, GBP/USD
Technical observation
This pair is still rallying towards the resistance zone 1.3315-1.3281 and as long as it remains below it only short positions can be recommended towards 1.2904 or even lower to 1.2624.My expectations is a rise towards the zone and a bounce within it for possible bearish movement of price towards 1.2904 and a breakout below it for a further decline in GBP towards 1.2624.My advice, wait for a close within 1.3315-1.3281 the pick short positions within it with your take profit at 1.2904 and stop loss slightly above 1.3315.Long positions may only be advisable in case of a clear breakout above 1.3315 with a big green candle.
Technical levels Resistance levelsR1.1.3068
R2.1.3113
R3.1.3229
Pivot1.3001
Support levelsS1.1.2952
S2.1.2881
S3.1.2766
Trade signalSell GBP/USD within 1.3315-1.3281 with your take profit at 1.2904 and stop loss slightly above 1.3315.
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