We're flat | 06 February 2019

06 February 2019, GBP/USD

We're flat

Technical observation

Yesterday, a clear breakout was seen when price went below a support 1.3014 and is currently rallying below it, I expect a correction to the just broken key level followed by a bounce at it for bearish price rally towards 1.2892 and a possible breakout below it for a further decline in price. Right now you can remain neutral as you wait for the correction to 1.3014 to sell GBP with your take profit at 1.2892 and stop loss at 1.3051.In case of a clear breach below 1.2892 wait for a correction to it confirming further bearish momentum before you continue short with this pair. Only short positions look ideal and can be recommended on the chart above.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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