Remain short with your take profit at 1.2831 | 06 March 2019

Technical observation

After penetrating below a zone 1.3204-1.3186 GBP corrected to it twice and is currently moving downwards. I expect bearish price rally towards the support 1.2831 and a possible breach below it for a further decline towards 1.2538. In case you sold this pair within 1.3204-1.3186 after a bounce, remain short with your take profit at 1.2831 and stop loss at 1.3286, if this take profit is hit and there is a break below it, wait for a confirmation of further bearish momentum before you continue short with GBP. If you are not in a trade yet, wait for another retracement to 1.3204-1.3186 and a rejection within it to sell this commodity.

Trade recommendation

Remain short with your take profit at 1.2831 and stop loss at 1.3286.