28 февраля 2018, GBP/USD
Technical observation
GBPUSD retraced twice at support zone (1.3888-1.3850) while on an upward trend, price then rose up to a key resistance line 1.4265 but could not penetrate above it and was corrected to the zone, right now it is around the zone and I expect a close within the zone for bullish movement of price towards 1.4265 and a breakout above it.In case there’s a clear breach of price below (1.3888-1.3850), wait for a pullback to the zone before you enter short positions. Right now only long positions look ideal and can be advised within or around the zone towards 1.4265 and stop loss around 1.3674.
Technical levels
Resistance levels
R1.1.4011
R2.1.4067
R3.1.42
Pivot
1.3936
Support levels
S1.1.3878
S2.1.3801
S3.1.3668
Trade signal
Buy GBPUSD within (1.3888-1.3850) with your take profit at 1.4265 and stop loss around 1.3674.
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