Wait for a correction to 1.3225-1.3208 it to sell GBP. | 25 March 2019

Technical observation

GBP established a resistance zone around 1.3225-1.3208, price went above this zone but could only be contained above it for seven days before penetrating below it, currently GBP is trading below the zone and my expectation is a rise to it and a bounce within it for bearish momentum of price towards 1.2970. Wait for a correction to 1.3225-1.3208 and a rejection within it to sell GBP with your take profit at 1.2970 and stop loss at 1.3272.On your way downwards the key lines to look for include, 1.2970, 1.2704 and the lowest key line 1.2484.As long as price is contained below 1.3225-1.3208, only short positions may be recommended.

Trade recommendation

Wait for a correction to 1.3225-1.3208 it to sell GBP.