03 Juli 2018, GBP/USD
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.
101% Double the volume