Remain flat temporarily. | 13 July 2018

13 July 2018, GBP/USD

Remain flat temporarily.

Technical observation

Just like EUR, GBP/USD did not rise towards 1.3461, instead there was a clear breach below the support zone 1.3214-1.3202 with a big red candle and I expect a correction to it followed by a rejection of price within it for possible bearish movement of price towards 1.3055.It is only advisable to short the pair after the second retracement to the zone just to make sure it is not a false breakout. In case it is a false breakout and price rises above 1.3214-1.3202, you can still long GBP within the zone with your ideal target at 1.3461.Right now you can remain flat temporarily and wait for the pullback to 1.3214-1.3202.

Technical levels

Resistance levels

R1.1.3305

R2.1.3311

R3.1.3327

Pivot

1.3297

Support levels

S1.1.3289

S2.1.3278

S3.1.3262

Trade signal

Remain flat temporarily.

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Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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