Remain flat temporarily. | 04 June 2019

Technical observation

Yesterday GBP declined to the line 1.2600 but did not break below it, price then rose for some hours but is currently trading on an increasing bearish momentum towards 1.2600. My expectation is a rejection of this pair at the line for possible upwards movement of GBP towards the level 1.2744 and a possible break above it for a further rise. Remain flat temporarily and wait for a retracement to 1.2600 and a rejection at it to buy GBP with your take profit at 1.2744 and stop loss at 1.2539.AS long as price is contained above the supportive level 1.2600, only bullish movement of this pair can be anticipated.

Trade recommendation

Remain flat temporarily.