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.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
