Wait for a correction to 1.2696 to sell GBP. | 12 December 2018

12 December 2018, GBP/USD

Wait for a correction to 1.2696 to sell GBP.

Technical observation

Recently a breakout was seen when price went below a key supportive level 1.2696 with a big red candle, it then continued further below yesterday but could not reach the line 1.2113.Currently price is retracing to the just broken line and my expectation is a rejection of it at the line followed by possible bearish momentum towards 1.2113 and a breakout below it for a further decline in price. Wait for the pull back to 1.2696 and a rejection at it to sell GBP with your take profit at 1.2113 and stop loss at 1.2925.Should there be a clear penetration below 1.2113, wait for a correction to it before you continue short with this pair.

Trade recommendation

Wait for a correction to 1.2696 to sell GBP with your take profit at 1.2113 and stop loss at 1.2925.

Be the first to get $5 for participation in the webinar 8.30 GMT!

Imelda Maseno
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus