11 Mei 2018, GBP/USD
Technical observation
After declining towards the support line 1.3515,GBP/USD could not penetrate below it and was rejected, currently it is rising towards the resistance zone 1.3805-1.3753 and I expect a rejection of it within the zone for bearish momentum towards 1.3515 and a breakout below it for a further decline in price.MY davise,wait for a correction to 1.3805-1.3753 then short GBP/USD within it with your take profit at 1.3515 and stop loss around 1.3917.If price breaks below 1.3515,wait for a correction to it the continue short with GBP.You can only enter long positions in case there’s a clear breach above 1.3805.
Technical levels
Resistance levels
R1.1.3623
R2.1.3673
R3.1.3765
Pivot
1.3585
Support levels
S1.1.3531
S2.1.3488
S3.1.3396
Trade signal
Short GBP/USD within 1.3805-1.3753, with your take profit at 1.3515 and stop loss around 1.3917.