GBPUSD – Flat
Technical observation
GBP bounced below a resistance zone 1.2318-1.2293 and since then it has been trading with an increasing bearish bias; as long as price remains below the zone mentioned above, I expect it to surge further to the lower side. If you are currently holding short positions with the pair above, I would recommend that you remain in the trade with your take profit at 1.1779 and stop-loss at 1.2404. If this take profit is hit and there is a clear break below it with a big red candle, I expect the value of GBP to plummet further after a correction to the broken line. I can only recommend bullish positions above the zone 1.2318-1.2293.
Trade recommendation
Remain short with your take profit at 1.1779.
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