18 Desember 2018, GBP/USD
Technical observation
GBP/USD is rising steadily towards the resistance 1.2670 and as long as price is contained below it only bearish price rally towards 1.2484 can be anticipated. My expectation a rejection of price at the resistance followed by downwards momentum towards 1.2484 and a possible breakout below it or a further decline in price. You can wait for the correction to 1.2670 and a bounce at it to pick short positions with your take profit at 1.2484 and stop loss at 1.2732.In case there’s no rejection at 1.2670 but a clear breach above it, wait for a correction to the just broken line confirming possible bullish price rally before you pick long positions.
Trade recommendation
Wait for a correction to 1.2670 to sell GBP with your take profit at 1.2484 and stop loss at 1.2732.
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