Remain neutral temporarily. | 20 May 2019

20 May 2019, GBP/USD

Remain neutral temporarily.

Technical observation

Since its rejection within the zone 1.3428-1.3308, GBP has been declining steadily towards a supportive level 1.2567 and I still expect more of this bearish rally this week followed by either a breakout below the support and a correction to it or a bounce at it followed by another retracement to 1.3428-1.3308 .If you are short already, pick your profits at 1.2567 but if you are currently neutral, remain so and wait for either another correction to the zone 1.3428-1.3308 and a rejection at it to sell GBP or a clear penetration below 1.2567 and a retracement to it to sell this pair with your take profit at 1.1532 and stop loss at 1.2865.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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