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Remain flat temporarily.

Remain flat temporarily. | 19 February 2020

19 February 2020, GBP/USD

Remain flat temporarily.

Technical observation

On the weekly chart above, EUR continues to rally with an increasing bearish momentum. I expect a clear penetration below the supportive level 1.0788 with a big red candle followed by a correction to it to pick short positions towards the lowest level 1.0335. If you previously sold this pair within the resistance zone 1.1181-1.1151 after a correction and a bounce within it, pick your profits at the level 1.0788, however, if you are not in a trade yet, remain neutral and wait for a breakout to sell EUR. Long positions may only be advisable above the resistance zone 1.1181-1.1151 towards the key level marked at 1.1496.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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