Remain flat temporarily. | 29 October 2018
29 October 2018, GBP/USD
Technical observation
GBP/USD declined steadily towards the support 1.2413 but could not penetrate below it, price was rejected and is currently rising towards the resistance zone 1.3317-1.3281.I expect either a steady rally of GBP to 1.3317-1.3281 and a bounce within it to re-sell this pair, or, a clear breakout below 1.2413 with a big red candle and a correction to it for possible bearish momentum. In case of a rise to 1.3317-1.3281,re-sell GBP/USD within it with your take profit at 1.2413 and stop loss slightly above 1.3317,and should there be a breakout below 1.2413, wait for a correction to it confirming further decline in price before you continue short.
Technical levels
Resistance levels
R1.1.2855
R2.1.2881
R3.1.2946
Pivot
1.2816
Support levels
S1.1.279
S2.1.2751
S3.1.2686
Trade signal
Remain flat temporarily.
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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.
