01 March 2018, GBP/USD
Technical observation
On the daily chart above, there is a clear breach of price below a support zone (1.3803-1.3756),I expect today’s candle to close completely below the zone ,I also expect a pullback to it and a possible rejection of price within or around the zone for a decline in price towards 1.3507 or even a breakout below it for a further decline in price towards 1.3308 and 1.3050.I would advise you wait for the correction and the rejection of price within or around the zone to short GBP with your take profit at 1.31507 and stop loss around 1.3900.In case there’s a clear break out above the zone, only buy after a correction to the zone .
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
Wait for a pullback to (1.3803-1.3756) to short GBP with your take profit at 1.3507 and stop loss around 1.3900.
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