We're short within 1.3316-1.3271 | 18 March 2019

Technical observation

GBP corrected itself to the zone 1.3316-1.3271 but could not penetrate above it and was rejected. Right now it is rallying on an increasing bearish momentum and I expect decline in price today and several days to come. You can sell this pair now within 1.3316-1.3271 with your take profit at 1.2698 and stop loss at 1.3493.Should there be a breach below 1.2698, more bearish momentum of price can be anticipated, however, should GBP break above the zone 1.3316-1.3271 with a big green candle, wait for a correction and a rejection within it to confirm possible bullish price rally before you buy GBP with your take profit at 1.3998.

Trade recommendation

Sell GBP within 1.3316-1.3271 with your take profit at 1.2698 and stop loss at 1.3493.