Sell GBP now within 1.3135-1.3126. | 31 January 2019
31 January 2019, GBP/USD
Technical observation
GBP established a resistance zone around 1.3135-1.3126, yesterday price corrected to it and was rejected but did not rally downwards for long before pulling back to the zone again, price still could not penetrate above it and was contained within it indicating the dominance of the sellers. Right now GBP is rallying within the zone and I expect bearish price rally towards the support 1.2989 and a possible breach below it for a further decline in price towards 1.2833.You can sell GBP now within 1.3135-1.3126 with your take profit at 1.2989 and stop loss at 1.3169.As long as it is contained below 1.3135-1.3126, only short positions can be advisable.
Trade recommendation
Sell GBP now within 1.3135-1.3126.
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.
