02 April 2018, GBP/USD
Technical observation
GBPUSD broke above a resistance zone(1.3718-1.3580),It then retraced to the zone twice before moving up. Currently price is rallying above the zone and I expect a correction to it and a rejection for bullish movement of price towards 1.4604,you can remain flat now temporarily and wait for the correction to the zone to buy GBP with your take profit at 1.4604 and stop loss around 1.3264,in case of a breakout above 1.4604,continue long with GBP after a correction to it.If there’s a clear breakout below (1.3718-1.3580) with a big red candle, wait for a correction to it before you enter short position.
Technical levels
Resistance levels
R1.1.4175
R2.1.4327
R3.1.4561
Pivot
1.4093
Support levels
S1.1.3941
S2.1.3859
S3.1.3624
Trade signal
Wait for a pullback to (1.3718-1.3580) to buy GBP.