10 февраля 2020, GBP/USD
Technical observation
GBP is rallying with an increasing bullish momentum and may extend higher up to the zone 1.2984-1.2948 it just penetrated below and as long as it is contained below it, bearish movements of price can be expected. You can pick short positions within this zone with your take profit at 1.2562 and stop loss at 1.3141. If this take profit is hit and there is a clear breakout below it with a big red candle, further downwards, movement towards the key level 1.2050 can be expected. My advice, wait for a correction to the resistance zone 1.2984-1.2948 and a rejection within it to pick short positions towards 1.2562.
Trade recommendation
Wait for a correction to 1.2984-1.2948 to sell GBP.
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