06 June 2019, GBP/USD
Technical observation
On the chart above price has been trading above a zone 1.2688-1.2686 for some days now and is currently is within it. As long as GBP is contained above the mentioned zone, only bullish movement of this pair can be anticipated. You can buy GBP now within 1.2688-1.2686 with your take profit at 1.2744 and stop loss at 1.2666, in case there’s no rejection within 1.2688-1.2686 but a clear penetration below it with a big red candle, wait for a retracement to the just broken zone and a rejection within it to confirm possible downwards movement of price before you pick short positions with your take profit at 1.2621.
Trade recommendation
Buy GBP within 1.2688-1.2686 with your take profit at 1.2744 and stop loss at 1.2666.
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