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Wait for a breakout below 1.2696

Wait for a breakout below 1.2696 | 27 November 2018

27 November 2018, GBP/USD

Wait for a breakout below 1.2696

Technical observation

For several days now, GBP/USD established a support around 1.2696 and as long as long as this line is not breached a rally towards the key daily resistance level 1.3348-1.3301 is expected. Right now this cable is rallying around the level 1.2696 and my expectation is a clear penetration below it with a big red candle followed by a retracement to it confirming possible bearish momentum towards the level 1.2100 and even a breakout below it too for a further decline in towards 1.1532.Currently I am neutral and I will remain in this position and wait for the breach below 1.2696 to pick short position with my take profit at 2100 and stop loss at 1.2879.

Trade recommendation

Wait for a breakout below 1.2696 to sell GBP with your take profit at 1.2100 and stop loss at 1.2879.

Do you know against which currencies GBP is the most profitable?

Wait for a breakout below 1.2696

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Imelda Maseno
Analyst of «FreshForex» company
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