Remain flat temporarily. | 30 November 2018

Technical observation

GBP/USD is rally around a supportive level 1.2696 and my expectation is both a clear penetration below the line followed by a retracement to it for possible bearish momentum, or, a rejection at the level followed by a correction to the key resistance zone 1.3317-1.3271 and a possible rejection within it. My advice, remain flat temporarily and wait. Should there be breach below 1.2696 with a big red candle, wait for a correction to it to sell GBP, and In case of a rejection at the line, you can wait for a pullback to 1.3317-1.3271 and a rejection within it to re-sell GBP. Only short positions look ideal and can be recommended on the chart above.

Trade recommendation

Remain flat temporarily.

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