Technical correction | 17 October 2019

17 October 2019, GBP/USD

Technical correction

GBPUSD trading plan:

The British currency has shown a strong bullish rally in the last five trading days. Investors opened long positions on expectations of the signing of the BREXIT, agreement between the United Kingdom and the European Union. There are some uncertainties since there is a lot to go through on BREXIT. For instance even if both EU and UK negotiators agree on terms it still has to go through the parliament. We are recommending closing long positions on the British currency. In this currency pair, a technical correction is overdue.

Trading recommendation: range 1.2720 -1.2805.

TRADE METALS WITHOUT SWAPS!

David Johnson
Analyst of «FreshForex» company
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