Remain flat temporarily. | 31 Oktober 2018

31 Oktober 2018, GBP/USD

Remain flat temporarily.

Technical observation

GBP/USD has been declining steadily towards the support 1.2693 and is currently at it. My expectations is either a clear breakout below the line with a big red candle followed by a confirmation of bearish momentum of price, or, a rejection at the line followed by a rise to the resistance zone 1.3317-1.3281 and a rejection of it within the line for possible downwards movement of price. Right now I would advise you remain flat temporarily and wait for either of the above mentioned circumstances to trade this pair. Long positions may only be recommended in case of clear break above 1.3317-1.3281.

Technical levels

Resistance levels

R1.1.2855

R2.1.2881

R3.1.2946

Pivot

1.2820

Support levels

S1.1.279

S2.1.2751

S3.1.2686

Trade signal

Remain flat temporarily.

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

Remain flat temporarily.

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Imelda Maseno
Analyst of «FreshForex» company
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