19 Desember 2018, GBP/USD
Technical observation
On the daily chart above, price is rallying below a key resistance level 1.2696, my expectation is a bounce of it at the line for bearish movements towards 1.2113.I am waiting for the rise and rejection of price at the line to sell this pair with my take profit at 1.2113 and stop loss at 1.2925.Should there be a clear penetration below 1.2113 with a big red candle, wait for a correction to it confirming further bearish price rally before you continue short with GBP towards the lowest supportive level 1.1526. As long as this pair is contained below 1.2696, this pair is pretty much bearish and so only downwards momentum can be anticipated.
Trade recommendation
Sell GBP at 1.2696 with your take profit at 1.2113 and stop loss at 1.2925.
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