Remain short with your take profit at 1.1533 | 22 July 2019

22 July 2019, GBP/USD

Remain short with your take profit at 1.1533

Technical observation

After penetrating below a support 1.2578, GBP retraced to the line but could not break above it and was contained, it then went down last week and I still expect more bearish movements of this pair this week and several weeks to come towards the line 1.1533, if you sold this commodity at 1.2578 after a bounce, remain in the trade with your take profit at 1.1533 and stop loss at 1.2916, if you’re not short yet you can still pick short positions now but if you are a bit sceptic to do so, wait for either another correction to 1.2578 and a rejection at it or, a clear breakout below 1.1533 and a correction to it to sell this pair.

Trade recommendation

Remain short with your take profit at 1.1533 and stop loss at 1.2916.

Imelda Maseno
Analyst of «FreshForex» company
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