Wait for a correction to sell GBP | 29 November 2018

Technical observation

GBP/USD is rallying on a bullish momentum towards 1.3417-1.3308 and I expect a loss of this movement within the above mentioned zone for possible bearish rally towards the support 1.1990. For now, I would advise you remain flat temporarily and wait for the correction to the zone 1.3417-1.3308 to sell GBP with your take profit at 1.1990 and stop loss at 1.3940.As long as this pair is contained below 1.3417-1.3308 only short positions can be recommended, long positions may only be advisable in case of a clear penetration above the zone with a big green candle followed by a correction to it for possible bullish rally to 1.4615.

Trade recommendation

Wait for a correction to 1.3417-1.3308 to sell GBP with your take profit at 1.1990 and stop loss at 1.3940.

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