Wait | 30 August 2018

30 August 2018, GBP/USD

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Technical observation

Yesterday a clear breakout was seen when price went above the key resistance line 1.2925 with a big green candle and is still showing signs of rising even further. I expect a correction to the just broken zone followed by a rejection at it for possible bullish momentum towards 1.3283.If GBP does not correct to 1.2925 and instead rises to 1.3317-1.3283 and gets rejected within it, you can still short the pair within it with your ideal target at 1.2925.If there’s a correction to the jut broken line, buy GBP/USD at it with your take profit at 1.3283 and stop loss around 1.2775.Remain long after a breakout above 1.3317-1.3283.

Technical levels

Resistance levels

R1.1.12885

R2.1.292

R3.1.2995

Pivot

1.2850

Support levels

S1.1.281

S2.1.2772

S3.1.2697

Trade signal

Wait for a pullback to 1.2925.

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Imelda Maseno
Analyst of «FreshForex» company
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