17 октября 2018, GBP/USD
Technical observation
GBP/USD is currently rallying on an increasing bearish momentum towards the support 1.2904. Yesterday, this pair rose to the key resistance zone 1.3315-1.3281 but could not penetrate above it and was rejected closing below it. I picked short positions within the zone and I’m holding onto this position with my first take profit at 1.2904 and the next at 1.2624 and my stop loss slightly above 1.3315.Right now, only short positions can be recommended on the chart above, long positions may only be advisable should there be a clear breach above 1.3315 with a big green candle followed by a correction to it confirming possible upward momentum.
Technical levels
Resistance levels
R1.1.3225
R2.1.3298
R3.1.341
Pivot
1.3190
Support levels
S1.1.3113
S2.1.3073
S3.1.2961
Trade signal
Remain short towards 1.2904.
Do you know against which currencies GBP is the most profitable?
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