We're short | 26 Oktober 2018

26 Oktober 2018, GBP/USD

We're short

Technical observation

GBP/USD is still plummeting to the lower side and my expectation is either a rejection of it at the support 1.2686 or a clear breach below it for further downwards movement of price. If you are already short, remain in the trade and pick your profits at 1.2686 and in case you are not in a trade yet, remain flat and wait for a either a rejection of price at 1.2686 and a correction to the resistance zone 1.3317-1.3281 to sell GBP, or, a clear breakout below 1.2686 followed by a correction to it confirming bearish momentum of price before you sell GBP. On the daily chart above, only short positions look ideal and can be advisable.

Technical levels

Resistance levels

R1.1.3111

R2.1.3155

R3.1.3248

Pivot

1.3069

Support levels

S1.1.3018

S2.1.2968

S3.1.2785

Trade signal

Remain short.

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

We're short

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Imelda Maseno
Analyst of «FreshForex» company
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