Remain short with your take profit at 1.2970 | 26 March 2019

Technical observation

Yesterday, GBP rallied downwards for a few hours before rising to 1.3225-1.3208, it was still contained below the zone and is currently rallying on an increasing bearish momentum towards the key line 1.2970.In case you sold GBP within 1.3225-1.3208 after a bounce, hold on to that position with your take profit at 1.2970 and stop loss at 1.3271, if you are not short yet, wait for another correction to 1.3225-1.3208 or a breach below 1.2970 to sell this pair. Should price break below 1.2970, bearish momentum towards the key lines 1.2704 and 1.2484 can be anticipated. Long positions may only be advisable above 1.3225-1.3208.

Trade recommendation

Remain short with your take profit at 1.2970 and stop loss at 1.3271.