Remain flat | 03 Juli 2018

03 Juli 2018, GBP/USD

Remain flat

Technical observation

The pair on the daily chart above broke below a support zone 1.3317-1.3283, price then corrected to it twice and went down. It rallied up to the support 1.3057 but could not penetrate below it.Right now GBP is between 1.3317-1.3283 and the line 1.3057 and i expect either a correction to 1.3317-1.3283 and a rejection of price within the zone for downwards movement of price, or a breakout below 1.3057 followed by a correction to it for possible bearish momentum of price. My advice, remain flat now and wait for either to short the pair. As long as price remains below 1.3317-1.3283, only short positions can be recommended on the chart above.

Technical levels

Resistance levels

R1.1.3308

R2.1.3334

R3.1.3404

Pivot

1.3264

Support levels

S1.1.3238

S2.1.3194

S3.1.3124

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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