Remain flat | 04 Mei 2018

04 Mei 2018, GBP/USD

Remain flat

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

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Imelda Maseno
Analyst of «FreshForex» company
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