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
Agree with the review?
Traders' opinion:
Close
Log in
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus