Remain short | 26 June 2019

Technical observation

On the 4-hour chart above, GBP was rejected within a resistance zone 1.2763-1.2747 before rallying downwards and as long as it is contained below this zone, only short positions may be recommended. If you went short within the above mentioned zone after a bounce, hold on to that position but not for a long time, however, if you’re not in a trade yet, remain flat and wait for either another correction to 1.2763-1.2747 and a rejection within it to sell GBP, or a rise to the zone followed by a clear penetration above it and a correction to it to buy GBP with your take profit at 1.2914 and stop loss at 1.2686.

Trade recommendation

Remain short.