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Wait for a pullback to short GBP

Wait for a pullback to short GBP | 18 May 2020

18 May 2020, GBP/USD

Wait for a pullback to short GBP

Technical observation

GBB went down below a supportive zone 1.2209-1.2173 with a big red candle and i expect a pullback to the zone and a rejection within it for possible bearish momentum. My advice, remain short and wait for a retracement to the zone 1.2209-1.2173 and a bounce within it to sell GBP with your take profit at 1.1468. In case price is not contained below the zone 1.2209-1.2173 and instead penetrates above it, then the breakout below 1.2209-1.2173 was false and you can expect bullish movements of this pair after a correction to it. However, as long as GBP is contained below the zone we can only anticipate bearish movements.

Trade recommendation

Wait for a retracement to 1.2209-1.2173 to sell GBP with your take profit at 1.1468.

Imelda Maseno
Analyst of «FreshForex» company
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