06 Juni 2018, GBP/USD
Technical observation
After a breach below a support zone 1.3605-1.3560,GBP/USD retraced to it three times then rallied down up to a support 1.3302, it broke below it but was not contained then rose above it again. Currently price is rallying towards 1.3605-1.3560 and I expect a rejection of it within the zone for possible bearish movements of price towards 1.3302 and a breakout below it for a further decline in price towards 1.3054. I would advise you wait for a correction to 1.3605-1.3560 then short the pair within it with your take profit at 1.3302 and stop loss around 1.3722.Long positions may only be recommended above 1.3605-1.3560.
Technical levels
Resistance levels
R1.1.339
R2.1.343
R3.1.3539
Pivot
1.3324
Support levels
S1.1.3281
S2.1.3213
S3.1.3104
Trade signal
Wait for a retracement to 1.3605-1.3560 to short GBP with your ideal target at 1.3302.
101% Double the volume