Technical Analysis Based on Breakout – Wait for a pullback to sell

GBPUSD – Flat

Wait for a pullback to sell

Technical observation

While on an upward trend,GBP retraced at a support zone (1.4136-1.4109),recently price went below the zone and is currently rallying below it, I expect a correction of price to the zone to confirm a bearish momentum and a rejection at it to short the pair with my take profit at 1.3943 and the next at 1.3761,or even lower to 1.3491,Incase price breaks above (1.4136-1.4109),then ill advice you wait for a pullback to the zone before you buy GBP towards 1.4344,as long as price remains below the zone I expect bearish price movements. The lines to look for on this chart are 1.4344, 1.3943 and1.3761.

Technical levels

Resistance levels

R1.1.4159

R2.1.4172

R3.1.4196

Pivot

1.4148

Support levels

S1.1.4135

S2.1.4124

S3.1.41

Trade signal

Wait for a pullback to (1.4136-1.4109), then short GBPUSD within it with your take profit at 1.3943 and stop loss at 1.4186.

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