Wait for a correction to 1.2833 to sell GBP. | 15 February 2019

Technical observation

After several days of rallying above a support 1.2833, yesterday, GBP went down the key level and is currently rallying below it, I expect a correction to the just broken line followed by a bounce at it for possible bearish momentum towards the line 1.2540.You can wait for the pull back to1.2833 then sell this pair on the second retracement to it just to ensure the breakout below 1.2833 was not false. In case of a breach below 1.2540, more downwards movement of GBP can be expected. Right now wait for a correction to 1.2833 to sell GBP with your take profit at 1.2540 and stop loss at 1.2908.Only short positions can be advisable on the chart above.

Trade recommendation

Wait for a correction to 1.2833 to sell GBP.