Wait for retracement at the zone (1.3507-1.3492) | 10 Januari 2018

10 Januari 2018, GBP/USD

Wait for retracement at the zone (1.3507-1.3492)

Technical observation

The general trend for the pair GBPUSD on the 4H chart above is upward, while on the trend price retraced thrice at a zone(1.3507-1.3492) making it a key support zone, currently the price is rallying towards it and I expect a rejection at it or even the price to break above the key line 1.3604 to confirm that were still long.If you had not entered a trade, I would advice that you wait for a retracement to the zone and buy GBP within the zone towards 1.3604.Incase price breaks below the zone, wait for a retracement to it to confirm the price is moving down then enter into short position.

Technical levels

R1.1.3537

R2.1.3541

R3.1.3547

Pivot

1.3540

Support levels

S1.1.3531

S2.1.3529

S3.1.3523

Trade signal

Wait for a retracement to the zone (1.3507-1.3492) to buy GBP with your take profit at 1.3604 and stop loss slightly below 1.3492

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Imelda Maseno
Analyst of «FreshForex» company
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