31 Oktober 2018, GBP/USD
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.
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