Remain neutral | 30 January 2019
30 January 2019, GBP/USD
Technical observation
Recently GBP went below a supportive zone 1.3136-1.3123 with a big red candle, price is currently rallying below the just broken zone and as long as it is contained below it only short positions can be recommended. Wait for a correction to the just broken zone and a bounce within it to sell GBP with your take profit at 1.2989 and stop loss at 1.3175.Should there be a penetration below 1.2989 then more bearish price rally towards the key level 1.2834 will be expected. Right now remaining neutral with this pair seems more appealing as you wait for a pullback to the zone 1.3136-1.3123 and a rejection within it to sell GBP.
Trade recommendation
Remain neutral.
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.
