Remain short towards 1.2484. | 13 December 2018
13 December 2018, GBP/USD
Technical observation
Price retraced to the resistance line 1.2656 but could not penetrate above it, it was rejected and is currently declining steadily towards the key level 1.2484.My expectation is a rejection at the line followed by another retracement to 1.2656 to re-sell GBP or a clear breakout below the support followed by a correction to it for further bearish price rally. If you sold this pair at 1.2656 I would advise you hold on to this position with your take profit at 1.2484 and stop loss at 1.2726.Right now only short positions can be recommended for the pair on the chart above. Long positions may only be advisable above 1.2656 towards 1.2889-1.2865.
Trade recommendation
Remain short with your take profit at 1.2484.
Do you know against which currencies GBP is the most profitable?
More trading assets here...
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
