02 Oktober 2018, GBP/USD
Technical observation
GBP/USD is rallying below a resistance zone 1.3315-1.3281 and as long as price remains below this zone we expect possible bearish momentum towards 1.2693.Wait for a correction to 1.3315-1.3281 then pick short positions within it with your take profit at 1.2693 and stop loss slightly above 1.3315.At the moment, buy positions looks a bit risky and may not be recommended unless there is a clear breach above 1.3315-1.3281 with a big green candle followed by a correction to it confirming possible bullish momentum of price towards 1.3756.Right now only short positions can be recommended on the chart above.
Technical levels
Resistance levels
R1.1.308
R2.1.3131
R3.1.3221
Pivot
1.306
Support levels
S1.1.299
S2.1.295
S3.1.2859
Trade signal
Wait for a correction to 1.3315-1.3281 to sell GBP with your take profit at 1.2693 and stop loss slightly above 1.3315.
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