GBPUSD – Flat
Technical observation
On the daily chart above, GBP/USD declined towards 1.2693 but could not reach it and is currently rallying back towards the resistance zone 1.3315-1.3281, I expect a rejection of it within the zone for possible bearish momentum of price towards 1.2693.Should there be a breach below 1.2693 with a big red candle, wait for a correction to it confirming further bearish momentum of price before you continue short with the pair. Right now only short positions look ideal and can be recommended on the chart above, Long positions may only be recommended in case of a clear breach above 1.3315-1.3281 followed by a correction to it.
Technical levels
Resistance levels
R1.1.308
R2.1.3131
R3.1.3221
Pivot
1.308
Support levels
S1.1.299
S2.1.295
S3.1.2859
Trade signal
Wait for a pullback to 1.3315-1.3281 to re-sell GBP/USD.
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