Remain flat | 01 February 2019
01 February 2019, GBP/USD
Technical observation
A false breakout was seen when price went above the resistance zone 1.3145-1.3135 but could not be contained so it broke down before rallying towards 1.3048, right now it is rallying on an increasing bullish momentum and I expect a loss of this movement within the zone for possible bearish momentum towards 1.3048, should there be a clear breach below 1.3948 then more bearish momentum will be anticipated towards the support 1.2947 or even lower to 1.2829.You can remain neutral for now and wait for the correction to the above mentioned zone and a bounce within it to sell GBP with your take profit at 1.3048 and stop loss at 1.3183.
Trade recommendation
Remain flat.
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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.
