Wait for a correction to 1.3009 | 10 Agustus 2018

10 Agustus 2018, GBP/USD

Wait for a correction to 1.3009
Technical observation
GBP/USD rallied down steadily to 1.2792 instead of moving up. I expect a correction to the just broken line followed by a rejection at it for possible bearish momentum towards 1.2792 and a possible breakout below it too for a further decline in price. Wait for a correction to 1.3009 then short GBP/USD at it with your take profit at 1.2792 and stop loss slightly above 1.3009.In case of a breakout below 1.2792,wait for a pullback to it before you continue short with GBP.On the daily chart above, only short positions look ideal and can be recommended at the resistance line 1.3009 or within the zone 1.3314-1.3279.
Technical levels
Resistance levels
R1.1.3039
R2.1.3076
R3.1.3144
Pivot
1.3013
Support levels
S1.1.2971
S2.1.2939
S3.1.287
Trade signal
Wait for a correction to 1.3009 then short GBP/USD at it with your take profit at 1.2792 and stop loss slightly above 1.3009

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Imelda Maseno
Analyst of «FreshForex» company
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