06 Desember 2018, GBP/USD
Technical observation
The pair on the 4 hour chart is trading on an increasing bearish momentum within a channel as shown above. Price is declining towards the lower trend line acting as a support and I expect rejection of it at the line followed by a correction to the upper trend line acting as the resistance to re-sell GBP.I recently sold GBP after the close of the immediate previous bullish candle and I am holding on to this position with my with my ideal target around the supportive trend line. Should there be a clear penetration below the lower trend line with a big red candle, you can continue short with this pair after a correction to it.
Trade recommendation
Remain short.
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