Wait for a correction to sell GBP | 21 May 2019

Technical observation

On the daily chart above price declined steadily towards a supportive zone 1.2913-1.2890 and even penetrated below it, it then continued to decline and right now is still trading on an increasing bearish momentum, we expect a loss of this movement followed by a correction to the just broken zone and a bounce within it for bearish rally towards the level 1.2485.My advice, wait for a correction to the just broken zone and a rejection within it to sell GBP with your take profit at 1.2485 and stop loss at 1.3014, if this take profit is hit and there’s a clear break below it then a further surge to the lower side can be anticipated.

Trade recommendation

Wait for a correction to 1.2913-1.2890 to sell GBP with your take profit at 1.2485.