16 August 2019, GBP/USD
Technical observation
On the weekly chart above, price declined for several weeks following the penetration below the supportive level 1.2578, this week however GBP has been rising and I expect it to close bullish, more bullish movements of this pair can be expected next week and the weeks to come towards the line 1.2578 followed by a bounce at it. In case there’s no correction to 1.2578 then a clear penetration below the line 1.2004 with a big red candle followed by a correction to it can be expected. Remain flat and wait for either a correction to 1.2578 and a bounce to resell GBP, or a clear penetration below 1.2004 and a correction to it to.
Trade recommendation
Remain flat.
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