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Remain flat

Remain flat | 14 January 2019

14 January 2019, GBP/USD

Technical observation

GBP is rallying between a resistance zone 1.3417-1.3308 and a support 1.2142, my expectation is either a correction to the above mentioned zone or a decline to 1.2142 followed by a breakout below it.Remain flat and wait for either a correction to 1.3417-1.3308 or a decline below 1.2142 to trade this pair, in case of a pullback to 1.3417-1.3308 wait for a bounce within to sell GBP with your take profit at 1.2142 and stop loss at 1.3880 and should there be a clear penetration below 1.2142 then wait for a correction to it confirming a further decline in price before pick short positions. Right now remain flat and wait for either to sell GBP.

Trade recommendation

Remain flat.

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Imelda Maseno
Analyst of «FreshForex» company
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