We're flat | 18 Juli 2019

18 Juli 2019, GBP/USD

We're flat

Technical observation

GBP is trading above a supportive level 1.2327 on an increasing bullish momentum, however, I expect a decline to the line followed by a clear penetration below it with a big red candle and a pullback to it for bearish price movements towards the line 1.1976. Remain flat and wait for the breakout below 1.2327 to sell this pair with your take profit at 1.1976 and stop loss at 1.2477, in case of a breach below 1.1976 then more bearish rally of this pair can be expected. If price does not break below 1.2327 but a rise to 1.2747-1.2709, bearish movements of GBP can still be expected after a rejection within the zone.

Trade recommendation

Remain flat.

Imelda Maseno
Analyst of «FreshForex» company
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