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Remain short

Remain short | 17 May 2019

17 May 2019, GBP/USD

Remain short

Technical observation

For the past two weeks GBP has been declining steadily towards a key level 1.2574 and I still expect more of this bearish rally next week. In case you went short with this pair within the resistance zone 1.3387-1.3297, hold on to that position with your take profit at 1.2574 and stop loss at 1.3767, if you are not in a trade yet, wait for either another correction to the zone 1.3387-1.3297 and a bounce within it to short GBP or a clear breakout below the supportive level 1.2574 and a correction to it to sell GBP with your take profit at 1.1523 .Right now only short positions look ideal and may be advisable on the weekly chart above.

Trade recommendation

Remain short with your take profit 1.2574.

Imelda Maseno
Analyst of «FreshForex» company
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