Remain neutral | 27 May 2019

Technical observation

GBP is trading around a key supportive level 1.2578 and I expect either a bounce at the line for a retracement to the zone 1.3439-1.3308, or a penetration below the line followed by a correction to it for bearish price rally, if you went short previously within the zone 1.3439-1.3308, you can pick your profits now, but if you are neutral right now, my advice is you remain that way and wait for either another correction to 1.3439-1.3308 or a breakout below 1.2578 and correction to it to sell GBP with your take profit at 1.1522 and stop loss at 1.3798.Long positions may only be recommended above 1.3439-1.3308 towards 1.4245.

Trade recommendation

Remain neutral.