Remain flat temporarily. | 05 December 2018

Technical observation

GBP/USD is rallying above a key support level 1.2697 and as long as it is contained at this level I will remain neutral for now and wait for either a clear breakout below the support with a big red candle followed by a correction to it to sell GBP or, a rejection at it followed by a pullback to 1.2883 to pick short positions. In case you already sold this pair at or around 1.2883, now is the best time to pick your profits at 1.2697.This pair on the 4 hour chart above is pretty much bearish and so only short positions may be advisable even on the hourly chart. Right now remain flat and wait for either a rejection or a breakout at 1.2697 to trade GBP.

Trade recommendation

Remain flat temporarily.

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