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Remain short

Remain short | 07 December 2018

07 December 2018, GBP/USD

Remain short

Technical observation

GBP/USD did not reach the lower trend line which is the acting support instead price was rejected around it before rising steadily towards the upper trend line which is our resistance, it was rejected and is currently moving on a bearish momentum towards the supportive line and my expectation is either a clear breach below it followed by a correction to it for further bearish price rally or a rejection at it followed by correction to the resistance level to re-sell this pair. If you already sold this pair after a bounce, remain short and pick your profits at the supportive line. Long positions may only be advisable above the resistance.

Trade recommendation

Remain short.

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Imelda Maseno
Analyst of «FreshForex» company
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