22 Oktober 2018, GBP/USD
Technical observation
On the daily chart above, GBP/USD is rallying between a resistance zone 1.3315-1.3281 and a support 1.2904. My expectation is either a correction to 1.3315-1.3281 and a rejection within it for possible bearish momentum towards 1.2904, or, a decline to 1.2904 followed by a breakout below it with a big red candle and correction to it for possible downwards movement of price towards 1.2624.I would advise you remain neutral and wait for either to trade this pair. Long positions may only be recommend in case of a clear breakout above 1.3315 with a big green candle, followed by a correction to it for possible bullish momentum.
Technical levels
Resistance levels
R1.1.3111
R2.1.3155
R3.1.3248
Pivot
1.3061
Support levels
S1.1.3018
S2.1.2968
S3.1.2785
Trade signal
Remain flat.
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