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Still short towards 1.1985

Still short towards 1.1985 | 09 July 2019

09 July 2019, GBP/USD

Technical observation

On the chart above GBP is still declining steadily towards a supportive level 1.2354 and I expect either a clear breakout below the line with a big red candle or a rejection at it. If you sold this pair within the resistance zone 1.2764-1.2738 after a rejection, remain in the trade with your take profit at 1.2354 and stop loss at 1.2909, however, if you are not in a trade yet, wait for either a rejection of price at 1.2354 followed by another correction to 1.2764-1.2738 and a bounce within it to sell GBP or a clear penetration below 1.2354 with a big red candle followed by a retracement and a rejection at it to sell GBP with your take profit at 1.1985.

Trade recommendation

Remain short with your take profit at 1.1985.

Imelda Maseno
Analyst of «FreshForex» company
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