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
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .