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Wait for a correction to 1.2696 to sell GBP.

Wait for a correction to 1.2696 to sell GBP. | 12 December 2018

12 December 2018, GBP/USD

Wait for a correction to 1.2696 to sell GBP.

Technical observation

Recently a breakout was seen when price went below a key supportive level 1.2696 with a big red candle, it then continued further below yesterday but could not reach the line 1.2113.Currently price is retracing to the just broken line and my expectation is a rejection of it at the line followed by possible bearish momentum towards 1.2113 and a breakout below it for a further decline in price. Wait for the pull back to 1.2696 and a rejection at it to sell GBP with your take profit at 1.2113 and stop loss at 1.2925.Should there be a clear penetration below 1.2113, wait for a correction to it before you continue short with this pair.

Trade recommendation

Wait for a correction to 1.2696 to sell GBP with your take profit at 1.2113 and stop loss at 1.2925.

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Imelda Maseno
Analyst of «FreshForex» company
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