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We're flat

We're flat | 08 July 2019

08 July 2019, GBP/USD

We're flat

Technical observation

Since its rejection within the zone 1.2764-1.2738, GBP has been declining steadily towards the support 1.2352 and is currently trading above it. I expect either a rejection of price at the line for another retracement to the above mentioned zone, or a clear penetration below it with a big red candle. In case GBP is rejected at 1.2352, wait for another correction to 1.2764-1.2738 to re-sell it with your take profit at 1.2352 and stop loss at 1.2823 and in case of a clear breach below 1.2352, wait for a correction and a rejection at it confirming possible bearish price rally before you sell this pair with your take profit at 1.1985.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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