Wait for a correction

16 May 2019, GBP/USD

Wait for a correction

Technical observation

GBP penetrated below a level 1.2874 and is currently trading below it, I expect a correction and a bounce at it for possible surge towards the level 1.2705, in case of a breach below 1.2705 more bearish rally towards the lowest level 1.2481 can be anticipated. My advice, wait for a retracement to the level 1.2874 and a bounce at it to sell GBP with your take profit at 1.2795 and stop loss at 1.2920, if this take profit is hit and there’s a clear penetration below it, wait for correction to the just broken line before you continue short with this pair to the level 1.2485, only short positions can be recommended on the chart above.

Trade recommendation

Wait for a correction to 1.2874 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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