Wait for a correction to 1.3025 | 06 September 2018

06 September 2018, GBP/USD

Wait for a correction to 1.3025

Technical observation

GBP/USD is still correcting to the resistance 1.3025, I expect a rejection of it at or around the line for possible downwards movement of price towards 1.2687.Wait for the correction to 1.3025 then short the pair on the daily chart above at it with your take profit at 1.2687 and stop loss around 1.3143.Should there be a breakout below 1.2687, wait for a retracement to it confirming further bearish movement of GBP before you continue short with the pair. Long positions may only be recommended in case of a clear breakout above 1.3025 with a big green candle followed by a pullback to it.

Technical levels

Resistance levels

R1.1.3009

R2.1.3062

R3.1.3147

Pivot

1.2983

Support levels

S1.1.2925

S2.1.2892

S3.1.2808

Trade signal

Wait for the correction to 1.3025 to sell GBP/USD towards 1.2687.

Do you know against which currencies GBP is the most profitable?

Wait for a correction to 1.3025

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Imelda Maseno
Analyst of «FreshForex» company
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