Remain flat | 09 Oktober 2018

09 Oktober 2018, GBP/USD

Remain flat

Technical observation

GBP/USD is still rallying in between a resistance zone 1.3315-1.3281 and a support 1.2904. I expect either a rise to 1.3315-1.3281 and a rejection within it for possible bearish momentum of price towards 1.2904, or, a decline towards 1.2904 followed by a breakout below it and a pullback to it for possible downwards movement of GBP towards 1.2624.Remain flat temporarily and wait for either a correction to 1.3315-1.3281 or a breach below 1.2904 to trade this pair. Long positions may only be advisable in case of a clear breakout above 1.3315-1.3281 with a big green candle followed by a retracement to it more than once.

Technical levels

Resistance levels

R1.1.3068

R2.1.3113

R3.1.3229

Pivot

1.2999

Support levels

S1.1.2952

S2.1.2881

S3.1.2766

Trade signal

Remain flat.

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

Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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