GBPUSD – Flat
Technical observation
GBP/USD is on downward trend, price is rallying down towards 1.2716 and I expect a rejection at it followed by a correction to the key resistance zone 1.3528-1.3406 and a rejection within it for possible bearish momentum towards 1.2716.In case of a breakout below 1.2716,wait for a correction to it before you continue short with the pair towards the support 1.1996.Long positions may only be advisable in case there’s a clear breach above the zone 1.3528-1.3406 with a big green candle followed by a retracement to it.Only short positions can be recommended on the weekly chart above.
Technical levels
Resistance levels
R1.1.3126
R2.1.3248
R3.1.3446
Pivot
1.305
Support levels
S1.1.2928
S2.1.2852
S3.1.2654
Trade signal
Wait for a correction to 1.3528-1.3406 to short GBP/USD.
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