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Remain neutral

Remain neutral | 20 August 2019

20 August 2019, GBP/USD

Remain neutral

Technical observation

GBP is rallying between a resistance level 1.2380 and a support 1.2014; I expect either an increase in value towards 1.2380 and a rejection at it to pick short positions towards 1.2014, or, a decline to 1.2014 followed by a clear penetration below it with a big red candle and a retracement to it to sell GBP. Remain flat and wait for either a correction to 1.2380 and a bounce to sell GBP or a clear break below 1.2014 and a correction to it to sell. As long as price is contained below the level 1.2380, only short positions look ideal and may be recommended. Bullish movements may only be anticipated above 1.2380 towards 1.2713.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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