Flat | 14 February 2020

Technical observation

On the weekly chart above, price is trading between a supportive level 1.2553 and a resistance zone 1.3342-1.3281. My expectation is either a correction to the above-mentioned zone or a decline to the level 1.2553 followed by a clear penetration below it. In case of a correction to the zone 1.3342-1.3281, wait for a rejection within it to pick short positions with your take profit at 1.2553 and stop loss at 1.3517. However, in case of decline to the supportive level 1.2553, wait for a clear breakout below it with a big red candle followed a correction to it to sell GBP with your take profit at 1.1960 and stop loss at 1.2824.

Trade recommendation

Remain flat.