12 April 2018, GBP/USD
Technical observation
On the daily chart above, GBPUSD retraced at a support zone (1.3999-1.3965) thrice before racing up. Currently price is still above it and I expect a breakout above 1.4286 or a correction to the zone followed by a rejection of price within or around it for a possible bullish move of price. Right now I would advise you remain flat and wait for either a correction to the zone or a breakout above 1.4286 followed by a correction to it to buy GBP.In case of a clear breach below (1.3999-1.39650) with a big red candle, wait for a correction to the zone to confirm price is on a bearish move before you sell GBP.
Technical levels
Resistance levels
R1.1.4136
R2.1.4183
R3.1.4307
Pivot
1.4063
Support levels
S1.1.4012
S2.1.3936
S3.1.3812
Trade signal
Remain flat temporarily.