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.
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