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Remain neutral

Remain neutral | 30 January 2019

30 January 2019, GBP/USD

Remain neutral

Technical observation

Recently GBP went below a supportive zone 1.3136-1.3123 with a big red candle, price is currently rallying below the just broken zone and as long as it is contained below it only short positions can be recommended. Wait for a correction to the just broken zone and a bounce within it to sell GBP with your take profit at 1.2989 and stop loss at 1.3175.Should there be a penetration below 1.2989 then more bearish price rally towards the key level 1.2834 will be expected. Right now remaining neutral with this pair seems more appealing as you wait for a pullback to the zone 1.3136-1.3123 and a rejection within it to sell GBP.

Trade recommendation

Remain neutral.

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Imelda Maseno
Analyst of «FreshForex» company
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