GBPUSD – Flat
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.
You may check other analytical reviews on FreshForex website. Source: freshforex.com.