Remain flat | 05 Oktober 2018

05 Oktober 2018, GBP/USD

Remain flat

Technical observation

The pair on the daily chart above could not breach below the support 1.2904, it was rejected before moving up towards 1.3315-1.3281, I expect either a correction to 1.3315-1.3281 or a clear breakout below 1.2904 with a big red candle for possible bearish momentum towards 1.2624.In case of a correction to the resistance zone 1.3315-1.3281,re-sell GBP/USD within it after a rejection towards 1.2904 and should there be a breakout below 1.2904,wait for a correction to it confirming possible further downward movement of price before you pick short positions with your take profit at 1.2024,Right now remain flat.

Technical levels

Resistance levels

R1.1.308

R2.1.3131

R3.1.3221

Pivot

1.312

Support levels

S1.1.299

S2.1.295

S3.1.2859

Trade signal

Remain flat.

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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