03 December 2018, GBP/USD
Technical observation
On the daily chart above price is rallying above the key supportive level 1.2699, my expectation is either a clear breakout below the line for bearish price rally or a rejection at it followed by a correction to the key resistance zone 1.3317-1.3271 to pick short position .Remain flat temporarily and wait for either pullback to 1.3317-1.3271 or a breakout below 1.2696 to sell GBP. Long positions may only be advisable in case of a clear breakout above the zone 1.3317-1.3271 with a big green candle followed by a correction to it. On your way upwards the key lines to look for are; 1.3596, 1.3998 and the highest resistance 1.4344.
Trade recommendation
Remain flat temporarily.
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