GBPUSD – Flat
Technical observation
GBP/USD went down yesterday but could not break below 1.3050.It is currently retracing to the key resistance zone 1.3317-1.3276 and I do not expect a penetration above the zone but a rejection of price within it for possible bearish movements of price towards 1.3050 and a breakout below 1.3050 for a further downwards movement towards 1.2775.Wait for the correction to 1.3317-1.3276 then short GBP within the zone with your ideal target at 2.3050 and stop loss around 1.3427.In case price does not pull back to 1.3317-1.3276 and instead breaks below 1.3050,wait for a correction to it before you enter short positions towards 1.2775.
Technical levels
Resistance levels
R1.1.3284
R2.1.3332
R3.1.3471
Pivot
1.3197
Support levels
S1.1.3145
S2.1.3055
S3.1.2916
Trade signal
Wait for a correction to 1.3317-1.3276 to short GBP.
Do you know against which currencies GBP is the most profitable?
More trading assets here…
You may check other analytical reviews on FreshForex website. Source: freshforex.com.