Remain flat | 09 August 2018

09 August 2018, GBP/USD

Remain flat

Technical observation

After days of rallying towards 1.2792,GBP/USD is now correcting to the key resistance line 1.3009,I expect either a correction to it or a rally down to 1.2792 followed by a breakout below it.In case of a correction to 1.3009 followed by a rejection, Short GBP at it with your take profit at 1.2792 and stop loss slightly above 1.3009,and in case there’s a clear breakout below 1.2792 with a big red candle, you wait for a pullback to it before you short GBP with your ideal target at 1.2355.On the chart above long positions may only be advisable in case of a clear break above 1.3009 with a big green candle followed by a correction to it more than once.

Technical levels

Resistance levels

R1.1.3039

R2.1.3076

R3.1.3144

Pivot

1.3011

Support levels

S1.1.2971

S2.1.2939

S3.1.287

Trade signal

Remain flat.

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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