We're flat | 05 July 2019

Technical observation

GBP has been declining steadily since it was rejected within the resistance zone 1.2764-1.2738, however, from yesterday this pair has been moving upwards showing signs of retracing to the above mentioned zone. If this pair rises to 1.2764-1.2738 and is rejected within it, re-sell GBP within the zone with your take profit at 1.2423 and stop loss at 1.2649 but in case of a clear breach above 1.2764-1.2738 with a big green candle, wait for pullback to the just broken zone and a bounce within it confirming possible bullish price rally before you buy GBP. As long as price is below 1.2764-1.2738 only short positions can be advisable.

Trade recommendation

We’re Flat.