06 May 2019, GBP/USD
Technical observation
On the weekly chart above price is rallying below a resistance zone 1.3439-1.3308 and my expectation is a decline towards the line 1.2001 followed by a possible breakout below It. Remain neutral temporarily and wait for price within the zone 1.3439-1.3308 to sell GBP with your take profit at 1.2001 and stop loss at 1.3787, continue short with this pair after a break below 1.2001 and a correction to it. Should there be a clear breakout above 1.3439-1.3308 with a big green candle, wait for pullback to the just broken zone and a rejection within it to buy this pair with your take profit at 1.4626 and stop loss at 1.2905.
Trade recommendation
Remain neutral temporarily.
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