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Wait | 28 June 2019

28 June 2019, GBP/USD

Technical observation

On the weekly chart above GBP is trading above a supportive level 1.2567 on an increasing bearish momentum and my expectation is a clear penetration below it followed by a retracement to it for a surge to the lower side. Remain neutral and wait for a breakout below 1.2567 and a correction to it to sell GBP with your take profit at 1.1527 and stop loss at 1.2916. If price penetrates below 1.1527 then further bearish movements of this pair can be expected. Should there be no breakout below 1.2567 but a pullback to the zone 1.3384-1.3243 you can still sell GBP within it with your take profit at 1.2567 and stop loss at 1.3776.

Trade recommendation

Remain neutral and wait.

Imelda Maseno
Analyst of «FreshForex» company
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