GBPUSD – Flat
Technical observation
On the weekly chart above, GBP/USD broke down below a support zone 1.3831-1.3711 with a big red candle and is currently below it.I expect a correction to the broken zone and a rejection of price within it of a bearish momentum towards the support line 1.3302 and a breakout below it for a further decline in price towards 1.2589,I would advise you sell GBP within 1.3831-1.3711 with your take profit at 1.3302.In case of a breakout below it ,remain short with GBP after a correction to the broken line with your target at 1.2598.Long positions does not look ideal on the chart above and so cannot be recommended.
Technical levels
Resistance levels
R1.1.362
R2.1.3698
R3.1.3857
Pivot
1.354
Support levels
S1.1.3462
S2.1.3382
S3.1.3223
Trade signal
Short GBP within 1.3831-1.3711 with your take profit at 1.3302 and stop loss around 1.4245.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.