16 April 2018, GBP/USD
Technical observation
GBP is on an upward trend, it retraced at a key zone (1.3825-1.3703) twice before moving up, Currently price is rallying above the zone towards the key line 1.4633 which is a resistance line. If price gets rejected within the line, short term traders can sell GBP from the line towards the zone, and if there’s a breakout above the line with a big green candle, wait for a correction to it then buy GBP with your take profit at 1.5715 and stop loss around 1.4256.I would advise you remain flat temporarily and wait for either a breakout above 1.4633 or a correction to (1.3825-1.3703) to buy GBP.
Technical levels
Resistance levels
R1.1.4331
R2.1.4423
R3.1.4642
Pivot
1.4205
Support levels
S1.1.4113
S2.1.3986
S3.1.3768
Trade signal
Remain flat temporarily