Remain short | 28 November 2018

28 November 2018, GBP/USD

Remain short

Technical observation

After bouncing form the 4 hour resistance line 1.2881, GBP/USD rallied to the lower side and is still pretty much bearish even on the hourly chart. I expect a possible decline towards the support level 1.2747 and a breakout below it for a further downwards movements. If you recently sold this pair at 1.2881, remain short with your ideal target at 1.2747, but if you are not short already, I would advise you wait for another correction to 1.2881 and a bounce at it to sell GBP, or wait for clear breach below 1.2747 followed by a correction to it then sell GBP. Only short positions look ideal and can be recommended on the 4 hour chart above.

Trade recommendation

Remain short with your take profit at 1.2747 and stop loss at 1.2940.

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

Remain short

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Imelda Maseno
Analyst of «FreshForex» company
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