04 Mei 2018, GBP/USD
Technical observation
GBPUSD was rejected around the support line 1.3512 and is currently correcting to the resistance zone 1.3783-1.3753.I don’t expect a breakout above 1.3783-1.3753 but a rejection of price within it for possible bearish movement of price towards the support line 1.3512 and a breakout below it for further bearish movements. I would advise you remain flat now and wait for the correction to 1.3783-1.3753 then short GBPUSD within it with your take profit at 1.3512 and stop loss around 1.3888.Only short positions look ideal right now and can be recommended within 1.3783-1.3753 or below the support line1.3512.
Technical levels
Resistance levels
R1.1.3894
R2.1.4008
R3.1.4195
Pivot
1.3827
Support levels
S1.1.3707
S2.1.3634
S3.1.3446
Trade signal
Remain flat