Remain flat | 23 January 2019
23 January 2019, GBP/USD
Technical observation
For several weeks now GBP has been rallying steadily on an increasing bullish momentum towards a resistance zone 1.3352-1.3243. I expect a loss of this movement within the zone mentioned above followed by downwards movement of this pair. You can remain neutral for now and wait for the rise to 1.3352-1.3243 and a bounce within it to pick short positions with your take profit at 1.2099 and stop loss at 1.3763, if price penetrates below 1.2099 then more bearish momentum will be anticipated towards 1.1529 or even lower. Long positions may only be recommended in case of a clear penetration above 1.3352-1.3243 towards the key level 1.4626.
Trade recommendation
Remain flat.
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.
