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Sell GBP within 1.3069-1.3064

Sell GBP within 1.3069-1.3064 | 17 April 2019

17 April 2019, GBP/USD

Technical observation

GBP is increasing in value steadily towards a resistance zone 1.3069-1.3064, I expect a loss of this bullish movement within the above mentioned zone for possible surge to the lower side towards the key line 1.3006.My advice, wait for the retracement to 1.3069-1.3064 and a rejection within it to sell GBP with your take profit at 1.3006 and stop loss at 1.3088, if this take profit is hit and there’s a clear breach below it, more bearish price movements can be anticipated, Long positions may only be recommended in case of a clear penetration above 1.3069-1.3064 with a big green candle followed by a pullback to it and a rejection the zone.

Trade recommendation

Sell GBP within 1.3069-1.3064 with your take profit at 1.3006 and stop loss at 1.3088.

Imelda Maseno
Analyst of «FreshForex» company
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