We're short at at 1.3018 | 09 May 2019

Technical observation

On the chart above, GBP did not rise to the zone 1.3185-1.3174 as predicted yesterday but instead rallied downwards and breached a support level 1.3018, currently it is trading with and increasing bullish momentum below the just broken line and I expect a loss of this movement at it for a surge to the lower side. I’m looking to short this pair at 1.3018 after a bounce with my take profit at 1.2874 and stop loss at 1.3055. If the level 1.2874 is broken then I expect price to continue to the level 1.2729 or even lower. As it is on the 4 hour chart above, only short positions look ideal and can be recommended for the pair.

Trade recommendation

Sell GBP at 1.3018 with your take profit at 1.2874 and stop loss at 1.3055.