Remain flat | 10 December 2018

Technical observation

GBP/USD is rallying on an increasing bullish momentum towards the key resistance zone 1.3482-1.3319 and I expect a loss of this momentum within the zone followed by possible bearish momentum towards the support 1.1539 and a breakout below it for a further decline in price. You can remain flat temporarily and wait for the correction to the above mentioned zone and a rejection within it to sell GBP with your take profit at 1.1539 and stop loss at 1.3951.As long as GBP rallies below 1.3482-1.3319 only short position scan be recommended. Long positions may only be advisable above 1.3482-1.3319 towards 1.4620.

Trade recommendation

Remain flat.

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