Remain flat temporarily. | 12 April 2018

12 April 2018, GBP/USD

Remain flat temporarily.

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.

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Imelda Maseno
Analyst of «FreshForex» company
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