09 Oktober 2018, GBP/USD
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.
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