Remain flat temporarily. | 07 September 2018

07 September 2018, GBP/USD

Remain flat temporarily.

Technical observation

GBP/USD is still rallying below 1.3025 and I expect a pullback to It followed by a rejection of price at or around it for downwards, movement of price towards 1.2687.Remain flat temporarily and wait for the rejection at 1.3025 to pick short positions around it with your take profit at 1.2687 and stop loss around 1.3130.Continue short after a breakout below 1.2687 followed by a pullback to it confirming a further decline of GBP.Should there a breakout above 1.2687 with a big green candle, wait for a correction to it to confirm bullish movements of GBP before you pick long positions towards the resistance 1.3283.

Technical levels

Resistance levels

R1.1.3009

R2.1.3062

R3.1.3147

Pivot

1.2985

Support levels

S1.1.2925

S2.1.2892

S3.1.2808

Trade signal

Remain flat temporarily.

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

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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