02 Julio 2019, GBP/USD
Technical observation
GBP continues to trade on an increasing bearish bias above a supportive level 1.2578, my expectation is a clear breakout below the line with a big red candle followed by a retracement and a rejection at it for a decline towards the line 1.1533. My advice, remain neutral temporarily and wait for a penetration below 1.2578 and a retracement to it to sell GBP with your take profit at 1.1533 and stop loss at 1.2905, if this take profit is hit and there’s a clear penetration below it then more downwards movements of GBP can be expected. As it is on the weekly chart above, only short positions look ideal and may be recommended.
Trade recommendation
Remain neutral temporarily.
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