29 Agustus 2018, GBP/USD
Technical observation
Yesterday, the pair on the daily chart above was rejected at the resistance line 1.2925 and so could not penetrate above it as was predicted. I expect the pair to move on a bearish bias towards the support 1.2687 and breakout below it for further decline in price .I sold the pair yesterday at 1.2925 and I’m still short with my ideal target at 1.2687.If you did not sell GBP at 1.2925, you can still wait for another retracement to 1.2925 then short the pair at it.If there’s a clear breach above 1.2925 with a big green candle, wait for a correction to it to confirm bullish momentum of price before you buy GBP.
Technical levels
Resistance levels
R1.1.12885
R2.1.292
R3.1.2995
Pivot
1.2848
Support levels
S1.1.281
S2.1.2772
S3.1.2697
Trade signal
Remain short
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