04 April 2018, GBP/USD
Technical observation
GBPUSD broke above a key line 1.3995 then retraced to it twice, currently price is rallying above the line towards 1.4273 and I expect a breakout above it for further increase in price. If you had bought GBP already, remain in the trade up to 1.4273 and if price beaks above it, wait for a correction to it then continue long with GBP.I f you had not bought GBP after the previous rejection, remain flat and wait for either a correction to 1.3995 or a breakout above 1.4273 and a correction to it then buy GBP.If price goes below the key zone (1.3789-1.3753), with a big red candle, then that would be the best time to short GBP.
Technical levels
Resistance levels
R1.1.4164
R2.1.4248
R3.1.4378
Pivot
1.4119
Support levels
S1.1.4034
S2.1.3987
S3.1.3857
Trade signal
Remain long with GBP.