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Still short towards 1.2600

Still short towards 1.2600 | 29 May 2019

29 May 2019, GBP/USD

Still short towards 1.2600

Technical observation

Yesterday GBP continued to decline towards a supportive level 1.2600 as expected but did not reach it. Currently, price is rallying between the support and a resistance line 1.2744 on an increasing bearish momentum and I expect a clear breakout below it with a big red candle followed by a retracement to it for further downward movement of GBP. If you sold this pair at 1.2744 after a bounce, hold on to that position and pick your profits at 1.2600 ,however, if you are not in a trade yet, wait for clear breakout below the line 1.2600 and a correction to it to sell GBP with your take profit at 1.2428 and stop loss at 1.2648.

Trade recommendation

Remain short with your take profit at 1.2600 and stop loss at 1.2795.

Imelda Maseno
Analyst of «FreshForex» company
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