30 Januari 2019, GBP/USD
Technical observation
Recently GBP went below a supportive zone 1.3136-1.3123 with a big red candle, price is currently rallying below the just broken zone and as long as it is contained below it only short positions can be recommended. Wait for a correction to the just broken zone and a bounce within it to sell GBP with your take profit at 1.2989 and stop loss at 1.3175.Should there be a penetration below 1.2989 then more bearish price rally towards the key level 1.2834 will be expected. Right now remaining neutral with this pair seems more appealing as you wait for a pullback to the zone 1.3136-1.3123 and a rejection within it to sell GBP.
Trade recommendation
Remain neutral.