We're short towards 1.1533. | 19 July 2019

Technical observation

This week price went down after it was rejected at a key level 1.2578, I still expect GBP to surge downwards towards the support 1.1533 followed by a clear penetration below it. If you sold this pair at 1.2578 after a rejection, hold on to that position with your take profit at 1.1533 and stop loss at 1.2959 but if you are not in a trade yet, wait for another correction to 1.2578 and a bounce at it to sell GBP, or, a clear penetration below 1.1533 and a retracement to it confirming further bearish price rally before you sell this pair. Long positions may only be recommended above the zone 1.3384-1.3243 towards the key level 1.4245.

Trade recommendation

Remain short with your take profit at 1.1533.