19 Februari 2019, GBP/USD
Technical observation
GBP is rallying below a resistance zone 1.2996-1.2975 and I am expecting a correction to the zone and a rejection within for bearish price rally towards 1.2771, In case of a breakout below 1.2771, more bearish price rally towards the support 1.2540 can be expected. You can remain flat for now and wait for the correction to 1.2996-1.2975 and a rejection within it to sell GBP with your take profit at 1.2771 and stop loss at 1.3953, if that take profit is hit and there’s a penetration below it, wait for a correction to the line confirming further bearish momentum before you continue short with this pair towards the key supportive level 1.2540.
Trade recommendation
Remain flat.