We're flat | 01 July 2019

Technical observation

GBP is trading above a supportive line 1.2578 on an increasing bearish momentum and I expect either a clear breakout below the line with a big red candle or a rejection at it followed by a retracement to the resistance zone 1.3384-1.3243. In case of a clear breakout below the support, wait for a correction to it before you sell GBP with your take profit at 1.1532 and stop loss at 1.2927, and should there be a rejection of price at the line, wait for a pullback to 1.3384-1.3243 and a rejection within it to sell GBP with your take profit at 1.2578 and stop loss at 1.3787.Long positions may only be recommended above 1.3384-1.3243.

Trade recommendation

Remain flat.