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Sell GBP now within 1.3135-1.3126.

Sell GBP now within 1.3135-1.3126. | 31 January 2019

31 January 2019, GBP/USD

Sell GBP now within 1.3135-1.3126.

Technical observation

GBP established a resistance zone around 1.3135-1.3126, yesterday price corrected to it and was rejected but did not rally downwards for long before pulling back to the zone again, price still could not penetrate above it and was contained within it indicating the dominance of the sellers. Right now GBP is rallying within the zone and I expect bearish price rally towards the support 1.2989 and a possible breach below it for a further decline in price towards 1.2833.You can sell GBP now within 1.3135-1.3126 with your take profit at 1.2989 and stop loss at 1.3169.As long as it is contained below 1.3135-1.3126, only short positions can be advisable.

Trade recommendation

Sell GBP now within 1.3135-1.3126.

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Imelda Maseno
Analyst of «FreshForex» company
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