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We're flat

We're flat | 14 May 2020

14 May 2020, GBP/USD

We're flat

Technical observation

GBP declined towards the supportive line 1.2160 and is currently trading above it with an increasing bearish momentum. I expect either a clear rejection of this downwards movement at the line for a retracement to the line 1.2286, or, a clear breakout below the line 1.2186 for further bearish price movements. Remain flat and wait for a pullback to the key level 1.2286 and a rejection at it to sell GBP with your take profit at 1.2186 and stop loss at 1.2318. Should there be a clear penetration below the line 1.2186, wait for a correction to it and a rejection confirming further bearish movements before you sell GBP.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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