04 September 2018, GBP/USD
Technical observation
GBP/USD went down below the line 1.2925 and is still showing signs of rallying even lower, I expect a correction of price to the just broken line followed by a rejection of it at or around it for possible bearish momentum toward 1.2687.Wait for a correction to 1.2925 then short the pair on the daily chart above at or around it with your take profit at 1.2687 and stop loss around 1.3045. In case of a breakout below my take profit, I will wait for a correction to it to confirm possible further downwards movement of price before i continue short with the pair. Only short positions can be recommended on the chart above.
Technical levels
Resistance levels
R1.1.3009
R2.1.3062
R3.1.3147
Pivot
1.2979
Support levels
S1.1.2925
S2.1.2892
S3.1.2808
Trade signal
Wait for a correction to 1.2925 to short GBP/USD.
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