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Remain flat

Remain flat | 17 December 2018

17 December 2018, GBP/USD

Remain flat

Technical observation

GBP/USD is moving on an increasing bullish momentum towards the resistance zone 1.3450-1.3308 and I expect a rejection of it within the zone followed by possible bearish momentum towards 1.2001 and a breakout below it for a further decline in price. Remain flat and wait for the correction to 1.3450-1.3308 and a rejection within it to sell GBP with your take profit at 1.2001 and stop loss at 1.3899. In case of a breakout below 1.2001, wait for a retracement to it confirming further bearish price rally before you continue short with this pair. Right now only short positions look ideal and can be recommended on the weekly chart above.

Trade recommendation

Remain flat.

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Remain flat

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Imelda Maseno
Analyst of «FreshForex» company
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