05 февраля 2019, GBP/USD
Technical observation
On the hourly chart above GBP did not retrace to the zone 1.3141-1.312 but instead declined towards the support 1.3014 and is currently rallying around it, my expectation is either a bounce at the key level followed by a correction to the above mentioned zone or a clear breach below the zone with a big red candle followed by a pullback to it for downwards movement towards 1.2892.You can remain flat for now and wait for either a breakout below 1.3014 or a rejection at it to sell GBP. The pair on the hourly chart above is generally moving downwards and only short positions are ideal as more bearish price rally is anticipated.
Trade recommendation
Remain flat.
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