09 December 2019, GBP/USD
Technical Observation
According to the 4 hours chart attached, We're in an active up trend. Last week, GBPUSD established a daily high around 1.3165 and could not break above it. The fact that the signal line is above the MACD Columns and both are above the 0.0 handle, we expect the current bearish price rally to be the unfolding of a correction and could see the price continue even lower towards 50.0% fib level. Somewhere around the zone 1.2962-1.2883, I'm waiting for a low risk buy order with our stop loss below 1.2915.
Trade Recommendations:
Expect a possible correction towards 1.2995.
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