Remain flat | 26 July 2018

26 July 2018, GBP/USD

Technical observation

GBP/USD has been rallying up towards the resistance zone 1.3300-1.3284. I expect either a rejection of price within it or a clear breach above it with a big green candle. In case GBP/USD does not penetrate above the zone and is rejected, you can short the pair within it with your ideal target at 1.3076.If price is not rejected within the zone and penetrates above it clearly, wait for a pullback to it to confirm bullish movement of price before you enter long positions towards the resistance line1.3462. If price goes above 1.3462, continue long after a correction to it. Right now you can remain flat.

Technical levels

Resistance levels

R1.1.3158

R2.1.317

R3.1.3193

Pivot

1.3150

Support levels

S1.1.3135

S2.1.3123

S3.1.3099

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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