Sell GBP within 1.3183-1.3172 | 07 May 2019

Technical observation

GBP is pulling to the upper side to a resistance zone 1.3183-1.3172 and i expect a loss of this upward movement within the zone. Wait for a correction to the zone and a rejection within I to sell this commodity with your take profit at 1.3013 and stop loss at 1.3222, in case this take profit is hit and there’s a clear break below it with a big red candle continue short with this pair after a correction to the just broken line and a bounce at it confirming further bearish rally of GBP. On the 4hour chart above as long as price is contained below the resistance zone 1.3183-1.3172 only short positions look ideal and may be recommended.

Trade recommendation

Sell GBP within 1.3183-1.3172 with your take profit at 1.3013 and stop loss at 1.3222.