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Sell GBP within 1.3477-1.3235

Sell GBP within 1.3477-1.3235 | 01 March 2019

01 March 2019, GBP/USD

Sell GBP within 1.3477-1.3235

Technical observation

GBP is rallying below a resistance zone 1.3477-1.3235 on an increasing bullish bias, I expect a loss of this momentum within the zone for downwards movement of GBP next week and several weeks to come. You can pick short positions within 1.3477-1.3235 after a bounce with your take profit at 1.1979 and stop loss at 1.3787, remain short after a penetration below 1.3787 followed by a correction to it confirming further bearish price rally. In case price is not contained below 1.3477-1.3235 and penetrates above it with a big green candle, wait for a correction to the just broken zone and a bounce within it before you pick long positions.

Trade recommendation

Sell GBP within 1.3477-1.3235 with your take profit at 1.1979 and stop loss at 1.3787.

Imelda Maseno
Analyst of «FreshForex» company
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