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Wait for a correction to 1.3239-1.3224

Wait for a correction to 1.3239-1.3224 | 03 April 2019

03 April 2019, GBP/USD

Wait for a correction to 1.3239-1.3224

Technical observation

Just like EUR, GBP is also retracing to a key resistance zone 1.3239-1.3224, my expectation is a loss of this upwards movement within the zone for bearish price rally towards 1.2970 followed by a possible breakout below it. My advice, wait for the correction to 1.3239-1.3224 and a rejection within it to sell GBP with your take profit at 1.2970 and stop loss at 1.3286, in case of a clear penetration below 1.2970, wait for a correction to it confirming further bearish momentum of this pair before you continue short towards the line 1.2705.As long as GBP is contained below the zone 1.3239-1.3224 only short positions can be recommended.

Trade recommendation

Wait for a correction to 1.3239-1.3224, to re-sell GBP with your take profit at 1.2970 and stop loss at 1.3286.

Imelda Maseno
Analyst of «FreshForex» company
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