19 August 2019, GBP/USD
Technical observation
On the weekly chart above price is rallying above a supportive level 1.2004 on an increasing bearish momentum and I expect either a clear penetration below it with a big red candle or a correction to the resistance line 1.2578. In case of a break below 1.2004 with a big red candle, wait for a retracement to it and a bounce to sell this pair with your take profit at 1.1533 and stop loss at 1.2376. However, should there be no breach below 1.2004 but a rise to the line 1.2578, wait for a rejection at it to sell GBP with your take profit at 1.2004 and stop loss at 1.3014. Only short positions can be advisable for the pair above.
Trade recommendation
Remain flat.
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