We're short towards 1.2082. | 14 December 2018
14 December 2018, GBP/USD
Technical observation
Recently a breakout was seen when price went below a support 1.2698 it then rose steadily towards the just broken line but could not penetrate above it and was rejected. Right now it is rallying on an increasing bearish momentum and I expect a continuation of this momentum towards the line 1.2082 followed by a breakout below it for a further decline in price towards 1.1525 or even further below. I sold this pair at 1.2698 after a rejection at it and I’m holding onto this position with my take profit at 1.2082 and stop loss at 1.2929.In case you had not sold this pair yet, you can wait for another correction to the resistance 1.2698 to sell this pair.
Trade recommendation
Remain short with your take profit at 1.2082 and stop loss at 1.2929.
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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.
