Sell GBP now with your take profit at 1.1533 | 15 July 2019

Technical observation

On the weekly chart above price went below a key supportive line 1.2578 with a big red candle two weeks ago and last week this pair rose to the just broken line but could not penetrate above it, right now I expect downward movements of GBP towards the line 1.1533 followed by a penetration below it. You can sell GBP now at 1.2578 with your take profit at 1.1533 and stop loss at 1. 2999.In case there’s a penetration of price above 1.2578, wait for a correction to the broken line and a rejection at it confirming possible bullish price rally before you buy GBP with your take profit at 1.3243 and stop loss at 1.2153.

Trade recommendation

Sell GBP now with your take profit at 1.1533 and stop loss at 1. 2999.