31 Julio 2019, GBP/USD
Technical observation
GBP is still rallying below the resistance line 1.2405 it recently penetrated below with a big red candle. I expect a pullback to the line followed by a rejection at it for downwards momentum towards the supportive level 1.1976 and a possible breach below it. Wait for a correction to the line 1.2405 and a bounce at it to sell GBP with your take profit at 1.1976 and stop loss at 1.2523, in case of a penetration below 1.1976, wait for a retracement to it confirming further bearish price movements before you continue short with this pair. Only bearish price movements may be expected on the daily chart above.
Trade recommendation
Wait for a correction to sell GBP.
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