Remain short | 29 Agustus 2018

29 Agustus 2018, GBP/USD

Remain short

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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Remain short

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Imelda Maseno
Analyst of «FreshForex» company
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