GBPUSD – Flat
Technical observation
GBP/USD is still rallying below the resistance zone 1.3417-1.3308,I expect a retracement to it followed by a bounce within it for possible bearish movement towards 1.1990.My advice, wait for a pull back to 1.3417-1.3308 then re-sell this pair within it with your take profit at 1.1990 and stop loss slightly above 1.3417.If this take profit is hit and there’s a clear break below it with a big red candle, wait for a correction to it before you continue short with GBP.As long as price remains below 1.3417-1.3308,only short positions can be advisable on the weekly chart above, long positions may only be recommended above 1.3417 towards 1.4615.
Technical levels
Resistance levels
R1.1.3104
R2.1.3245
R3.1.3591
Pivot
1.29
Support levels
S1.1.2759
S2.1.2554
S3.1.2209
Trade signal
Wait for a correction to 1.3417-1.3308 to sell GBP.
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