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Remain flat

Remain flat | 08 May 2019

08 May 2019, GBP/USD

Remain flat

Technical observation

GBP is trading between a resistance zone 1.3183-1.3172 and a support 1.3013, I expect either a correction to the above mentioned zone followed by a rejection within it or a decline to line 1.3013 and a breakout below it. In case of a rise to 1.3183-1.3172, wait for a bounce within it to sell GBP with your take profit at 1.3013 and stop loss at 1.3218, should there be no correction to 1.3183-1.3172 but a breach below 1.3013, wait for a retracement to the just broken line and a bounce at it to sell GBP with your take profit at 1.2882 and stop loss at 1.3050.Only short positions can be recommended on the chart above.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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