We're short within 1.3417-1.3301 | 16 April 2019

16 April 2019, GBP/USD

Technical observation

On the weekly chart above, price is trading below a resistance zone 1.3417-1.3301 on an increasing bullish bias and as long as it is contained below it only short position can be recommended. My expectation is a correction to the above mentioned zone followed by a rejection within it for bearish rally towards 1.2143 and a possible break below it for a further decline in price. You can wait for the pull back to 1.3417-1.3301 and a bounce within it to re-sell GBP with your take profit at 1.2143 and stop loss at 1.3770, in case of a clear penetration above 1.3417-1.3301, bullish movements of this pair towards the key level 1.4615 can be anticipated.

Trade recommendation

Wait for a retracement to 1.3417-1.3301 to re-sell GBP with your take profit at 1.2143 and stop loss at 1.3770.

Imelda Maseno
Analyst of «FreshForex» company
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