Remain flat | 13 Agustus 2018

13 Agustus 2018, GBP/USD

Technical observation

After breaking below a support zone 1.3389-1.3317,GBP/USD rallied down towards a supportive line 1.2712it was rejected and could not break below it.Currently price is pulling back to the just broken zone and I expect a rejection of it within it for possible bearish momentum towards 1.2712 and a possible breakout below it too for further decline in price. My, advice, Remain flat and wait for the correction to 1.3389-1.3317 then short the pair at it with your take profit at 1.2712 and stop loss slightly above 1.3389.Only short positions look ideal on the weekly chart above and can be recommended within 1.3389-1.3317.

Technical levels

Resistance levels

R1.1.2949

R2.1.3129

R3.1.3422

Pivot

1.2836

Support levels

S1.1.2656

S2.1.2543

S3.1.225

Trade signal

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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