04 Oktober 2018, GBP/USD
Technical observation
On the daily chart above, price is still rallying towards the support 1.2904, my expectation is either a breach below the key support line 1.2904 or a bounce from it followed by a pullback to the resistance zone 1.3315-1.3281 and a rejection within it for possible bearish momentum. I sold this pair within 1.3315-1.3281 and I’m waiting for a close at 1.2904 to pick my profits. If you are not in a trade, remain flat temporarily and wait for either a breach below 1.2904 followed by a retracement to it to sell GBP towards 1.2624, or, wait for a bounce at 1.2904 followed by a correction to 1.3315-1.3281 to re-sell GBP/USD it towards 1.2904.
Technical levels
Resistance levels
R1.1.308
R2.1.3131
R3.1.3221
Pivot
1.310
Support levels
S1.1.299
S2.1.295
S3.1.2859
Trade signal
Remain flat temporarily.
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