14 November 2018, GBP/USD
Technical observation
GBP/USD is rallying between a key resistance zone 1.3314-1.3281 and a support 1.2705, my expectation is either a correction to the zone followed by a rejection within it for possible bearish momentum towards 1.2705 or, a decline towards 1.2705 followed by a breakout below it and a correction to it for downwards movement of price. I’ll remain flat for now and wait for either of the situations mentioned above to trade this pair. Should there be a clear breakout above 1.3314-1.3281 with a big green candle, wait for a correction to it confirming possible bullish movement of price before you pick long positions towards 1.3755.
Trade recommendation
Remain flat.
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