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Remain flat

Remain flat | 07 January 2019

07 January 2019, GBP/USD

Remain flat

Technical observation

For the past few weeks, price has been rising steadily towards the resistance zone 1.3416-1.3294, my expectation is a rejection within the above mentioned zone followed by bearish price rally towards 1.2164.Right now you can remain neutral and wait for the pullback to 1.3416-1.3294 and a bounce within it to pick short positions with your take profit at 1.2164 and stop loss at 1.3751. In case of a breach below 1.2164, wait for a confirmation of further bearish price rally before you continue short with this pair towards 1.1526.As long as GBP is contained below 1.3416-1.3294 only short positions may be recommended.

Trade recommendation

Remain neutral.

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Imelda Maseno
Analyst of «FreshForex» company
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