Remain flat

10 June 2019, GBP/USD

Remain flat

Technical observation

On the weekly chart above, GBP is trading above a supportive level 1.2579 on an increasing bearish momentum and my expectation is either a decline to the line followed by a clear breakout below it, or, a rejection at the line followed by a correction to the resistance zone 1.3450-1.3308. In case of a correction to the zone 1.3450-1.3308, wait for a rejection within it to re-sell GBP with your take profit at 1.2579 and stop loss at 1.3864, and should there be a clear breach below 1.2579 followed by a correction to it, wait for a bounce at it to confirm possible bearish price rally before you sell GBP with your take profit at 1.1522.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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