Remain flat temporarily. | 21 June 2018

21 June 2018, GBP/USD

Technical observation

GBP/USD is on a downward trend. Price broke below a support level 1.3305,it retraced to it then went down and is currently still declining towards a support 1.3054.I expect a correction of price to 1.3305 and a rejection of it from the line for possible bearish momentum towards 1.3054 and a breakout below 1.3054 for a further drop in GBP towards 1.2792.If you sold the pair at 1.3305, you can remain in the trade towards 1.3054, if you hadn’t sold it yet, remain flat temporarily and wait for a correction to 1.3305 to short the pair with your ideal target at 1.3054 and stop loss slightly above 1.3305.

Technical levels

Resistance levels

R1.1.3272

R2.1.3299

R3.1.3349

Pivot

1.3249

Support levels

S1.1.3223

S2.1.3199

S3.1.3149

Trade signal

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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