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We're neutral

We're neutral | 30 May 2019

30 May 2019, GBP/USD

We're neutral

Technical observation

Yesterday GBP declined to the line 1.2600 as predicted and bounced around it, currently, price is rallying on an increasing bullish bias but I expect a possible breach below the support level 1.2600 with a big red candle and a correction to the just broken line for downward movements towards the level 1.2428. Remain neutral and wait for a break below 1.2600 and a correction to it to sell GBP with your take profit at 1.2428 and stop loss at 1.2655, in case price does not break below 1.2600 but instead pulls back to the line 1.2744, you can still re-sell GBP at it with your take profit still at 1.2600 and stop loss at 1.2797.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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