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We're short towards 1.2082.

We're short towards 1.2082. | 14 December 2018

14 December 2018, GBP/USD

Technical observation

Recently a breakout was seen when price went below a support 1.2698 it then rose steadily towards the just broken line but could not penetrate above it and was rejected. Right now it is rallying on an increasing bearish momentum and I expect a continuation of this momentum towards the line 1.2082 followed by a breakout below it for a further decline in price towards 1.1525 or even further below. I sold this pair at 1.2698 after a rejection at it and I’m holding onto this position with my take profit at 1.2082 and stop loss at 1.2929.In case you had not sold this pair yet, you can wait for another correction to the resistance 1.2698 to sell this pair.

Trade recommendation

Remain short with your take profit at 1.2082 and stop loss at 1.2929.

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Imelda Maseno
Analyst of «FreshForex» company
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