06 February 2020, GBP/USD
Technical observation
Despite the correction to the lower side, GBP is still above the supportive zone it established around 1.2984-1.2948 and as I said previously, while the price is above this zone I expect a possible rally to the upper side. As much as we expect bullish movements, this pair could still penetrate below the supportive zone mentioned above. If this happens, a correction to the just broken zone and a rejection within it can be expected. This is a sure indication of possible bearish movement of price and therefore could be an ideal place to pick short position with your take profit at 1.2562 and stop loss at 1.3125.
Trade recommendation
Remain neutral.
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