We're short | 29 July 2019

Technical observation

Following the correction and rejection of GBP at the line 1.2578, this pair has been declining steadily for the past three weeks and I still more bearish rally towards the key level 1.1533. If you went short at 1.2578 after a rejection, remain in the trade with your take profit at 1.1533 and stop loss at 1.2911, continue short with this pair after a clear breakout below the line 1.1533 with a big red candle followed by a retracement and a bounce at it. Long positions may only be advisable should there be a clear penetration of price above the zone 1.3384-1.3243 followed by a correction to it and a rejection within it.

Trade recommendation

Remain short.