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Wait for a correction to sell GBP

Wait for a correction to sell GBP | 08 April 2019

08 April 2019, GBP/USD

Wait for a correction to sell GBP

Technical observation

Just like EUR, GBP is also trading below a resistance level 1.3301 on an increasing bullish momentum, I expect a loss if this movement at the line for downwards momentum towards the key line 1.2143 and a possible breakout below it for a further decline in price, Wait for a correction to 1.3301 and a rejection at it to sell GBP with your take profit at 1.2143 and stop loss at 1.3700.Should there be a clear break below 1.2143, more bearish price rally can be anticipated. Long positions may only be recommended in case of a clear penetration above 1.3301 with a big green candle followed by a correction to it.

Trade recommendation

Wait for a correction to 1.3301 to sell GBP.

Imelda Maseno
Analyst of «FreshForex» company
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