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Remain flat

Remain flat | 19 February 2019

19 February 2019, GBP/USD

Remain flat

Technical observation

GBP is rallying below a resistance zone 1.2996-1.2975 and I am expecting a correction to the zone and a rejection within for bearish price rally towards 1.2771, In case of a breakout below 1.2771, more bearish price rally towards the support 1.2540 can be expected. You can remain flat for now and wait for the correction to 1.2996-1.2975 and a rejection within it to sell GBP with your take profit at 1.2771 and stop loss at 1.3953, if that take profit is hit and there’s a penetration below it, wait for a correction to the line confirming further bearish momentum before you continue short with this pair towards the key supportive level 1.2540.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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