We're flat | 11 February 2020
11 February 2020, GBP/USD
Technical observation
On the weekly chart above price is trading between a resistance zone 1.3341-1.3289 and a supportive level 1.2553. Price could either a rise to the above mentioned zone followed by either a rejection within it or, a penetration above it with a big green candle, or; decline to the support 1.2553 followed by a clear breakout below it. In case of a rise to 1.3341-1.3289 sell GBP after a rejection within 1.3341-1.3289 with your take profit at 1.2553 and stop loss at 1.3628. However, should there be a decline to 1.2553 followed by a clear breach below it, sell GBP at it after a correction. Right now, remain flat.
Trade recommendation
Remain neutral.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
