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Pick short positions at 1.2697

Pick short positions at 1.2697 | 11 December 2018

11 December 2018, GBP/USD

Pick short positions at 1.2697

Technical observation

GBP/USD declined massively breaking below a supportive level 1.2679 with a big red candle. Right now it is pulling back to the just broken key level and my expectation is a bounce at it followed by possible bearish momentum towards 1.2505 and a breakout below it for a further decline in price. Right now you can remain flat and wait for the pullback to 1.2679 and a rejection at it to sell this pair with your take profit at 1.2505 and stop loss at 1.2751.In case of a clear breakout below the line 1.2505, I would advise you wait for a correction and a rejection at it confirming further bearish price rally before you continue short with this pair.

Trade recommendation

Wait for a retracement to 1.2697 to sell GBP with your take profit at 1.2505 and stop loss at 1.2751.

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Imelda Maseno
Analyst of «FreshForex» company
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