05 June 2019, GBP/USD
Technical observation
Last week GBP went down and closed at a supportive level 1.2573, this week it has been trading on an increasing bullish bias and my expectation is either a pullback to the resistance zone 1.3450-1.3308 and a rejection of price within it or a clear penetration below the line 1.2573 and a correction to it. Remain flat and wait for either a correction to 1.3450-1.3308 and a rejection within it to re-sell GBP, or a clear breakout below the line 1.2573 and a correction to it to sell GBP with your take profit at 1.1520 and stop loss at 1.3864.As long as GBP is contained below the zone 1.3450-1.3308 only downwards movements can be expected.
Trade recommendation
Remain flat.
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