GBPUSD – Flat
Technical observation
The pair on the daily chart above was rejected at 1.2693 and is currently pulling back to 1.3317-1.3281, I expect nothing but a rejection of it within the zone for bearish movement of GBP towards 1.2693 and a possible breakout below it for a further decline in price. I’m waiting for the pullback to the zone and looking to short this pair within it with my take profit at 1.2693 and stop loss slightly above 1.3317.Should there be a clear break above 1.3317 with a big green candle, wait for a retracement to it confirming bullish momentum of price before you buy this pair towards the resistance 1.3756 or even higher towards 1.4238.
Technical levels
Resistance levels
R1.1.2855
R2.1.2881
R3.1.2946
Pivot
1.2822
Support levels
S1.1.279
S2.1.2751
S3.1.2686
Trade signal
Wait for a correction to 1.3317-1.3281 to sell GBP/USD.
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